Obtain items needed
We issue a Snap Buyer Pre-Approval or Underwriting Pre-Approval
Consult with your lender to confirm payment and approval
Negotiate an offer with the seller
Finalize purchase contract and the close of escrow date
Choose loan program and interest rate
Receive loan estimate and disclosures to be signed
Provide credit card for appraisal deposit
Appraisal is ordered
File submitted to underwriting
Receive conditional approval and remaining conditions needed
Provide final conditions requested within 24 hours
Receive final underwriting approval and clear quality control
Lender will issue the closing disclosure
Obtain funds for closing: Lender to provide detailed instructions.
Lender will review funding package and clear any remaining conditions.
Loan funds and records
Get keys and celebrate as new homeowners!
What monthly payment do you want to make? We will help you select the right program and loan for you - and make sure that you’re able to qualify.
We will run a credit report for you and walk you through the results. Together, we will review your current payments and discuss any inconsistencies, items that need to be paid, or items you dispute.
We will gather employment and asset information from you - your full income details, as well as anything you own that has value. This helps us determine program eligibility. We can quickly pre-approve you for a loan that meets your needs.
We’ll disclose any costs associated with the purchase and determine how much cash you will need at the time of closing. We’ll discuss the use of seller credits - including what they are - and whether they can be used to pay some or all of your closing costs.
We will provide you with a list of items we still need to collect from you. We will review the appraisal process and potential value or repair issues.
We’ll supply you with a guide to mindful spending with tips for a stronger savings and financial plan.
Advise your lender if any information you’ve provided changes.
Keep records of all bank transactions, especially if you transfer large amounts from one account to the other.
Get homeowners insurance with coverage equal to the mortgage amount or replacement value of your home.
Protect your credit score. You want to stay on top of any little changes.
Make any significant purchases during the mortgage process – including furniture.
Consolidate credit cards or get any new lines of credit. This can negatively affect your debt-to-income ratio.
Pay off collections or charge-offs. This can actually cause your credit score to drop.
Take on any new debt or cosign for another borrower. This could affect your credit.
Whether you are a first-time home buyer or you have purchased a home in the past, understanding today’s market is critical in determining your overall experience. Timelines have changed and it is important that you understand your role in the home loan process. We are a team and need to work together to achieve your dream of homeownership. Here are some tips to remember when applying for a home mortgage:
Provide Information ASAP
Always Ask Questions
Use a working budget to ensure that you are paying your fixed expenses first and allocating enough for variable expenses. Identify ways you are spending money unconsciously and identify ways you can be more efficient.
Maintain adequate life insurance coverage to continue current lifestyle if your family is ever left behind.
Create a comprehensive long-term plan to invest and diversify your money. Consult a financial advisor about retirement and education planning to ensure your investments are strategically aligned for the future.
Pay off credit cards monthly or have a plan to do it over a specific period of time. Create a plan to pay off your mortgage and other installment loans early.
Have a will or a trust. Meet with an estate planner to determine if a trust or a will meets the needs of your family for both life and tax planning.
Our goal is assist in educating consumers on how mortgage finance may affect their general life’s financial plan. We are not a licensed Financial Planning firm. Please contact your financial advisor for further review.