Buying a home can be stressful. Especially if you do not know what to expect and are a first-time homebuyer. This is perfectly normal behavior. Considering this is the biggest purchase you will make in your lifetime.
This isn’t an exhaustive list but it will give you a pretty good understanding of the home buying process.
Step 1: Get Prequalified
With the aid of your Mortgage Loan Originator, you select a home loan program that benefits you. You will be sent out a complete disclosure packet, which includes an application as well as a list of documents that require to be obtained. You will fill out the application, collect the items, and afterward send it to the Mortgage Loan Originator.
At this time, you will also discuss pricing with your Mortgage Loan Originator.
Step 2: Find a Home and Submit Your Application
After submitting, your Loan Processor is your point of contact and will continue to be throughout the process. This person will review your information and ask you for additional documents needed to complete your application file.
At this time, you would have made an offer on a home with your Real Estate Agent and a purchase contract forwarded to your Mortgage Loan Originator.
Step 3: Loan Processing
Once everything is in order, the Loan Processor will submit your information to the loan Underwriter. The loan Underwriter will perform a detailed examination of your documents and information. It is possible that the Underwriter will request additional documentation.
This part of the process will require back and forth between the Underwriter and Loan Processor to ensure your loan follows all lenders and government guidelines.
Step 4: Schedule Your Closing
After the guidelines have been met and all information verified, your file will be issued a Clear to Close or CTC. Once your loan is in this status, your Loan Processor will schedule the closing and signing of the final documents with the Title Agency.
Step 5: Closing on your Home
At the closing table, your closing agent will review all details of the transaction such as the closing costs due at that time. The closing process can be stressful but don’t let that distract you from the excitement of homeownership.
At this time, your purchase is almost complete. After you sign all the documents, the loan funds.
Step 6: You are a Homeowner
Congratulations! Your are now a homeowner. Your Realtor will hand you the keys to your new home.
That completes the home buying process. SonAriz Financial can help you navigate this Mortgage Loan process and hold your hand throughout. Give us a call or fill out our application today. Let’s start your journey to homeownership together!