Thinking about buying a house?
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Your Real Estate Professional should be:
Most real estate professionals and mortgage lenders recommend pre-qualifying for a loan before selecting a home to purchase. This process will help you:
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The Loan Process
We will help you to select a mortgage lender. Once you have made your decision, this is the process:
Application – All pertinent documentation is obtained. Fees and down payments are discussed, and the borrower will receive a Good Faith Estimate (GFE) and a Truth-in-lending statement (TIL), itemizing the rates and associated costs for the loan.
You will be asked to provide certain documents for your lender, so that your loan can be processed in a timely manner.
Loan Submission – Once all the necessary documentation is in, your completed file is submitted to a lender for approval.
Loan Approval (Underwriting) – Loan approval, or underwriting, generally takes 24 to 72 hours. All parties are notified of the loan conditions and approval.
Closing – Once all parties have signed the loan documents, they are returned to the lender. If all the forms have been properly executed, the lender sends the loan funds by wire transfer. At this point, the borrower finishes the loan process and actually buys the house.
Managing the Escrow
When the purchase agreement is accepted and signed by all parties, we will open escrow for you and your earnest money will be deposited. The escrow is a neutral third party that will receive, hold, and distribute all funds associated with your transaction.
Prior to closing escrow, all of the contingencies of the Purchase Agreement must be met. We will coordinate this process. Typical contingencies include:
- Approval of the Seller’s Property Disclosure Statement.
- Approval of the preliminary title report.
- Loan approval, including an appraisal of the property.
- Physical inspections of the property.
- Pest inspection and certification.
- Acquisition of homeowner’s insurance.
Closing Escrow & Moving In
When all of the conditions of the purchase agreement have been met, you will sign your loan documents and closing papers. You will deposit the balance of your down payment and closing costs to escrow, and your lender will deposit the balance of the purchase price. The deed will then be recorded at the County Recorder’s office and you will take ownership of your home.
We are a valuable source of helpful tips for planning and coordinating your move.