Completing an application and having your credit report pulled can be a stressful time, especially for those who are recovering from a short sale, foreclosure or a bankruptcy. It is important to work with someone you trust, is knowledgeable about your situation and can help walk you through each step of this process. The more you are made aware of guidelines and understand what is required by a lender the more you will feel comfortable about the pre-qualification process.
Our lender partners are trained in many loan programs and will be able to assist you in selecting the best program that fits your family’s needs. If there is work needing to be done to repair your credit ,or if there are things you can work on while you wait for your time to be eligible to purchase, your Loan Officer will be able to explain what is needed and why. We will assist in optimizing your best buying potential.
It is always good to keep in mind that when working with a good lender, there is more than just knowing the maximum sales price you qualify for. You also have to make sure you are comfortable with the payment and closing costs that will be added to your current debt.
Now that you are pre-qualified, and a seller has accepted your offer, you are ready to move forward with the Processing and Underwriting stage of your loan. Since you have already begun this process with a Loan Officer, your file will be complete with the necessary documentation for the lender. For most purchases, the time period to verify employment, income, tax returns, appraisal of home, etc. is about 30 days. The more thorough and complete your file is, the smoother the process and final approval will be.
Now that your loan is fully approved, the title company you are using will receive closing instructions and the final documentation needed to sign for your mortgage from your mortgage company. Your signing will be scheduled and you will be notified of the final funds necessary for closing. After signing is complete and all documentation returned to the bank, funding and recording of your loan will take place and you will be handed your keys!Start on the Road Back Home.