The Home Buying Process: What should I expect?
The process of purchasing a home is made as easy as possible when you trust Home Loan Solutions. We try to eliminate the stress and carry the workload so you can focus on your everyday life. Our home buying specialists will guide you through each step and make it a smooth process.
Typically, the home buying process involves:
Step #1: A consultation, either at our office (for local customers) or by phone. A credit report will be obtained. Each borrower will be informed of any potential hurdles that may come up, and have a road map for clearing those hurdles.
Step #2: Once we have determined that you are a good home buying candidate, we will evaluate your income, assets, and any relevant documentation. Examples include, pay stubs, W2s, tax returns, bank statements, 401k or other retirement accounts, potential gift accounts, etc… Then, we present you with a loan approval letter tailored to your qualified purchase price. This letter serves as your “ticket” to shop for a home. Keep in mind, most agents will not show a home to you unless you have documentation of pre-approval.
From this point, we work closely with your real estate agent to ensure that you are presented to sellers in the best possible light. We want your offer to get accepted and will work fast to update approval letters as necessary. You will never be left out of the loop, as we maintain communication with you and your agent throughout the home buying process.
Step #3: Once you have an accepted offer, we present you with initial disclosure forms that will outline the term of the loan, including the pricing and rate you are agreeing to. If you are comfortable with these figures, you can e-sign our disclosures all from your mobile device or computer. Today we are virtually paperless! 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.
Step #5: Once you are cleared to close, your loan docs will be sent to escrow to prepare for signing. We will either set up a signing appointment to take place in the comfort of your home, or you can walk into the escrow office to sign loan docs.
Step #6 Your signed loan docs will be sent to our funding department for review and funding clearance. Upon clearance, funds will be sent to title to pay off your current mortgage and title will record the new loan.
Simple as that!
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, Home Loan Solutions appreciates the opportunity to earn your business as well. Contact us today to speak with a mortgage professional.