With your home being possible the largest single investment you will make, you will want to be sure you are getting a loan best suited to your needs. The mortgage company will meet with you and “pre-qualify” you and discuss various loan options. This can be done before you begin your house hunting, giving you a better idea at what price range you will qualify.
When you have found your “dream home” and negotiated an offer, you are ready to secure your financing. Your Legacy Realtor can check current rates and terms with the mortgage companies. Once you have selected a loan company and have an appointment for your loan application, you will find helpful the attached list of required information needed to complete the loan application.
Once the application process is complete, the mortgage company will verify the information you have supplied. This will include:
- Obtaining a signed verification of employment from your employer stating your earnings history.
- Verifying the source and amount of your down payment.
- Obtaining a credit report.
- Ordering an appraisal of the property.
- Verifying bank deposits.
- Obtaining a title search to confirm the seller has legal right to sell the property.
When all verifications are complete, the loan processor will prepare your file for the underwriters for final loan approval. If private mortgage insurance is required due to the loan value ratio of your loan, the file will also be prepared for the mortgage insurance company.
Your lender will keep you informed during the mortgage process as to the progress of your loan.
Upon approval the mortgage company will prepare closing instructions and deliver to the abstract company for closing.
For further information on the loan process, your loan officer will provide you with the HUD booklet on settlement costs.