Buying a home can be stressful. We try to keep the process as simple as possible. Here are some quick steps to getting your mortgage.
Step 1:
Meet with a trusted mortgage broker, Right Team Advance Mortgage would be a good place to start;).
Step 2:
We will go over all the information you need to know about the home buying process. What you can expect and how the process works. We will collect some preliminary documents from you. Most importantly these initial documents will include paperwork that shows your income. At this point we complete the pre-approval application. Once we have collected the information to complete the mortgage application we can tell you, whether you qualify, how much you qualify for, or what you need to do in order to qualify. If you qualify we move onto step 3. If not then we will give you some direction on the steps you need to take to reach your goals and follow up with you down the road!
Step 3:
Once you have your pre-approval we can set you up with a qualified licensed real estate agent (if you don’t already have one) to show you houses in your price point. The preapproval you already obtained will provide you with the comfort of knowing you are shopping in the appropriate price point.
Step 4:
You find the house that checks all the boxes! Your realtor will assist you in writing an offer on the property. Its important to have a realtors guidance during this time to make sure the offer you write protects your interests. After the offer is written and hopefully accepted by the seller you or your realtor can send it to us!
Step 5:
Now that we have the accepted offer in our hands we are ready to submit your mortgage application to the lender! We will go over current lender rates and products to find the one that suits you best. With the right lender selected we send the offer and any other pertinent documents (income, down payment etc) to the lender.
Step 6:
Your mortgage application is now being reviewed by our lender. If they approve it they will send back a mortgage commitment and any remaining documents they still need. The commitment will outline the terms of the mortgage. If we still have documents to collect we will get those and send them in. Once the lender has all the documents they need and the conditions are all met you are in the clear to remove your financing condition on your purchase contract. We will send you and your realtor a letter to confirm this!
Step 7:
After the financing condition has been removed you may have some other conditions on your purchase contract, such as property inspection. If all other conditions on the offer have been met and removed you have now bought the house! You will meet with your lawyer who will walk you through the rest of the process and take care of things on possession day!
We take a great deal of pride in how we walk all of our clients through these mortgage steps. Its is very important to us that our clients feel informed when using us for financing.
