Today’s real estate landscape is extremely challenging and most offers to purchase real estate will not be accepted without an accompanying letter from the lender stating that you have made a loan application and have been pre-approved by an accredited lender.
Getting pre-approved consists of an in person or on the phone meeting getting to know you, getting to know your loan needs, and starting your initial application. Your credit report will be securely accessed in order to see your credit and payment history. Once this analyzed, you will receive a payment breakdown based on what you qualify for, along with your loan amount and an estimate of all fees.
This is a good time for you to get in touch with a real estate agent and start attending open houses. Make sure all listings that interest you are up to date. Multiple Listing Services (MLS) have the most accurate and up to date information on all properties. We can also provide you with qualified realtors based on your needs as well.
Once you’ve made an offer and both you and the seller agree upon the terms of that offer, you then sign the purchase agreement with your realtor and proceed with opening escrow. At this point, your loan moves into the underwriting process, where all aspects of the property is reviewed formally. We also order an appraisal report, which is an independent 3rd party opinion of the value of the property. Their report is typically based on comparable properties that have already sold.
To get your loan through the underwriting process, our underwriting team verifies your employment, income, assets, and debts.
During this time, we typically review and compile your credit report, the appraisal report, and the title information, and (if required) the property inspection for the sake of a formal loan approval.
After reviewing all of this, the loan is typically approved as long as satisfactory criteria are met. If We provide status updates on how your loan is doing every Tuesday throughout this process, along with all parties involved in the transactions.
In between your initial approval and the final decision, the interest rate will be locked. With rates fluctuating daily, we will advise you on which is the best rate and the appropriate time to make that commitment.
Once the loan commitment has been issued (which means appraisal, title and all requested verifications, payoffs and documents from you are in and cleared by underwriting) all parties to the transaction including the buyer, seller and realtors convene to sign the documents required for transferring ownership of the property.
We provide an Estimated Closing Statement to the borrowers 48 hours before closing to ensure a timely and positive experience at closing. For refinances, you have a three day period after receiving the closing disclosure to change your mind and rescind the transaction.
Feel free to reach out to us to discuss your loan today. Our team will get you pre-qualified and provide you with a priority home buyer letter within 24 hours of making an application!