5 Milestones of Home Loan

Investing in a property may appear to be complicated, which actually can be sometimes. It’s essential to know what you should expect as you get ready to purchase a home, and what to anticipate during the process of home buying. Listed below is a brief outline of the 5 major milestones of the process of home buying.

Pre-qualification

You are prepared to purchase a house, congratulations! Remember that getting pre-qualified is the initial step you need to do when you’re prepared to begin your home search. This is a no-commitments, no-cost, 10 to 20-minute assessment that will provide you a good starting point for your new home loan. This can be done on the phone or in-person with a loan officer or fill-up and complete a form found online. Your lender can define the estimated payment for your monthly mortgage with the help of your top mortgage broker and how much you can borrow. Before proceeding to home shopping, pre-qualifying for a loan can help you strengthen your negotiating position and set a budget as you make an offer.

Application

As soon as you’ve located an ideal home to invest in, you’ll propose an offer to purchase it from the seller. A real estate expert will do some negotiations and contracts will be deferred to purchase, together with the pre-qualification letter. As soon as your offer will be accepted, you’ll have your initial disclosure package, which means that you can start the application process. Most of the time, you’ll have to five your loan processor and officer with updated asset documentation and income, like bank statements and pay stubs. To guarantee that your loan will keep on track and be updated you will need to get your docs thoroughly and quickly completed.

Processing

In this step, your title work and appraisal will be ordered. As soon as all needed documentation is ready, the processor will review everything for accuracy and completion. Then, they will certify the information on the credit report, appraisal, title work, and any required documents. After verifying all of your documents, they will be passed on to the underwriter.

Underwriting

As soon as your loan will reach this milestone, the underwriter will recheck the whole loan package to decide whether your loan meets the approval guidelines. Your underwriter will verify your appraisal, employment, asset documentation, credit, disclosures, and other important documents together with the regulations and guidelines of the loan program. When the loan contingencies are cleared and conditions have been met, the underwriter will provide the clear to final or close approval, meaning your loan will be sent to closing.

Closing

Closing is the last milestone to overcome. A location, time, and date need to be already confirmed for closing. At least 3 days before closing, you’ll get your CD or closing disclosure. When your settlement documents will be signed, the property ownership will transfer from the past owners to you and the funds will be distributed. When this time comes, the house is finally yours!

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