Loan Process

Steps To A Home Purchase Loan

Day 1 Phone Consultation
Day 1 Get Pre-Qaulified
Day 3 Sign Disclosures
Day 3 Upload Documents
Day 6 Look for Home
Day 8 Loan Approved
Day 21 Ready to Close
Day 30 Move Into Home

Interest Rate Information

What causes interest rates to change?

For Fannie Mae and Freddie Mac mortgage products, interest rates and the costs associated with the rate are tied to the 10 year treasury. What this means is the cost can change daily. If you’re content with your loan proposal, the best thing would be to lock your rate to secure your payment for the length of the loan. Timing is crucial in securing your rate along with the cost associated with the loan. We will explain the fine details when that time comes.

When Can I Lock My Loan?

The soonest. For refinances, once application is complete, credit is sourced, and you’re approved. Usually the same day. For purchases, in addition to the above scenario, we will need an executed real estate contract.

Successful Loan Transaction

What To Do...

  • Stay current on you liabilities
  • Inform of any change in employment
  • Bring all fund to escrow to close from bank accounts provided on loan
  • Disclose all real estate owned whether financed or not
  • Pay property taxes and insurance through the first payment of the new loan

What not to do...

  • Open any new credit card accounts during the loan process
  • Purchase any large ticket items (cars, furniture, etc.)
  • Cross out or alter loan documents
  • Deposit large sums of money into your personal bank accounts (gift funds only)

Prior to appraisal...

  • Be sure to have smoke and carbon monoxide detectors installed
  • Water heater must be double strapped
  • Be sure to have safe access to all rooms
  • Be sure to complete any home improvements prior to inspection (no walls exposed and all bathrooms/sinks must be functional)
  • A second visit from the appraiser will cost additional funds