The Home Buying Process: What Does Buying a Home Entail?
The process of purchasing a home is made as easy as possible when you trust Home Loan Solutions. Our mortgage brokers and loan officers are Orange County home buying specialists who can guide you through each step and make it as pleasant an experience as possible.
Typically, the home buying process involves:
Step #1: A consultation, either at our office (for local customers) or by phone (for long distance borrowers). A credit report will be obtained at that time. Every borrower will be informed of any potential hurdles that may be in the way and have a road map for clearing those hurdles before we will go any further. Clearing said hurdles is the responsibility of the borrower.
Step #2: Once any obstacles have cleared and we have determined that you are a good home buying candidate, we will calculate your income and gather all documentation pertaining to it, including pay stubs, W2s, tax returns and bank statements. Then, we present you with a loan pre-approval certificate to show your real estate agent. This certificate serves as your “ticket” to shop for a home. Most agents will not show a home to you unless you have documentation of pre-approval.
From that point, we work closely with your real estate agent to ensure the loan is being applied to the purchase of the home you have chosen. The appropriate party (our office or your agent) will contact you when your action is needed. You will never be “left out of the loop,” as we maintain communication with you throughout the home buying process.
Step #3: We present you with initial disclosure forms that list the terms of the loan, including the pricing and rate you are agreeing to. If you are comfortable with these figures, you sign them and send them back. We do not charge a lock fee to lock in your interest rate; we proudly work on our own merits.
Step #4: We submit your file to underwriting for approval; once your loan is approved, we gather conditions and explain everything to you in full detail. This file is not your loan docs; those are addressed in the next step.
Step #5: We set up a loan doc signing appointment with our notary. The loan docs go to title, and then to the lender for funding.
If you are considering a first time home purchase, we will be glad to discuss the prospect of buying a home with you and would be glad to assist you in securing a mortgage. If you are a seasoned buyer, our Orange County mortgage broker appreciates the opportunity to earn your business as well. Contact us today to speak with an experienced mortgage broker.