The process of purchasing a home can be both exhilarating and complex. Whether you’re a first-time buyer or a seasoned homeowner, the journey to finding and purchasing your dream home involves a series of important steps. From determining your budget and securing financing to house hunting, making offers, and finally closing the deal, each stage requires careful consideration and attention to detail. In this guide, we will walk you through the essential elements of the home purchase process, providing you with the knowledge and confidence to navigate the path to homeownership successfully.
After you’ve been pre-approved, you’ll work with your real estate professional submitting offers. Many times the seller is looking for confidence in the buyer’s ability to be approved for a mortgage loan. This is why having a pre-approved mortgage loan is so important and crucial!
With my experience in the industry and Hometown Mortgage’s reputation, we encourage sellers confidence often times because sellers and real estate agents will reach out to the us to discuss the pre-approval.
As a mortgage broker, I’m working with the top lenders in the nation, such as United Wholesale Mortgage; this gives seller and agents confidence and security in your offer and loan that the loan can be done in a timely manner without undue errors.
Once a property has been identified and contract is accepted, Hometown Mortgage goes to work to submitting your documentation to the lender. You’ll receive your initial loan disclosures and after reviewing with your lender it’s time to sign and submit and get the process started!
Initial disclosures: The loan estimate is a key part of your initial disclosures to pay attention to. The loan estimate will be provided within 3 days of your completed application and will tell you the approximate cost of closing your loan with Hometown Mortgage.
Mike will review your loan estimate with you and make sure everything is clear and understandable as far as what costs, interest rates and fess associated with the loan.
Now it’s time to submit the loan to underwriting which often times results in a same day approval!
Next we will order the appraisal which can be excepted to turnaround in 7-10 business days.
From the time of contract Hometown Mortgage will work closely w your real estate professional on the timing of the due dates- inspection, appraisal requirements and closing date
The interest rate will be locked by through the Lock and Shop program, for extended lock periods or once the property is identified.
If the interest rate is not locked we will start to consider the ideal time to lock that interest rate.
After initial approval your underwriter may find a few matters to clarify which I will work with you to collect in order to complete the final approval
After ordering title insurance and setting up the escrow as well as verifying insurance and property taxes, I will send out the closing disclosures early in the process so that there’s plenty of time for the required 3 day cooling off period
This is again the time to review the costs and make sure you as the borrower understand the cost to complete your loan
Once the appraisal and any other final requirements of the loan are completed, we can move to final approval when the loan will be clear to close!
If you are interested in …