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Pre-Qualification
To begin the loan process you must first pre-qualify. This informal process determines the maximum amount you are eligible to borrow, but it does not guarantee you a loan.
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Start Shopping
Once you’ve been pre-qualified, you can begin a more accurate search for the home that fits your budget.
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Purchase & Sale Agreement
Once you find the right home, you will negotiate the terms of sale, including the sale price, repair requests, move-in-date, and more. Your agent will then present your offer to the sellers, and you’ll continue to negotiate until all parties agree.
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Loan Application
Once the seller accepts your offer, you can officially begin your mortgage application!
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Provide Documentation
The documentation we require protects you and ensures that you’re getting the best loan possible. Paperwork of this sort may include pay stubs, tax returns, and bank statements.
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Property Inspection
Most home purchases require an inspection for things like pest infestation, water damage, and potential safety hazards.
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Appraisal
This step ensures that the sale price and the appraised value of the house are in line with each other.
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Title Search
At this point, a title company conducts a search for any liens against the property.
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Mortgage Insurance
We require our borrowers to have mortgage insurance if your down payment is less than 20 percent of your home’s sale price.
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Other Insurance
Fire and hazard insurance is required on the replacement value of your home. Depending on your home’s location, you may need flood and earthquake insurance too.
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Processor Review
The processor assigned to your loan will package all of your information together and will send it to the underwriter for final review.
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Final Approval
The underwriter reviews the documentation to ensure you still meet the financing requirements, and makes the final decision to approve your loan.
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Closing/Signing
You’ll meet with a closing attorney and notary to sign the final documents and provide the necessary funding to complete the transaction.