What To Expect

What To Expect WHEN PREPARING FOR YOUR HOME LOAN

Your HomeSource and its Real Estate experts are very experienced and committed to helping our Buyers research and negotiate the loan type that is best for them. Initially, in an effort to strengthen the quality and success of your home search and price negotiations we will arrange for your loan to be pre-approved so that you know what you can borrow from the lender and so that the seller knows you are qualified to buy their home. This not only gives you peace of mind in the tangibility of the “math” associated with your search, it gives you leverage and negotiating favoritism in price and terms for the home you may be looking to purchase. The pre-approval process is followed by the actual loan application process itself, which now would be based upon the specific property you have selected.

THE LOAN APPLICATION: The loan application is taken with a licensed loan officer who will either conduct the application face to face, or we can arrange for it to be done via telephone, fax or the internet.

PREPARING FOR YOUR LOAN APPLICATION: Below is a typical loan application checklist of documentation you will need to successfully complete the process. If you do not have or understand something on this check list or it does not apply to you – do not be alarmed, we will assist you in securing this documentation or alternatives that may serve in its place.

(CHECK LIST)

PROCESSING YOUR LOAN: The licensed loan officer collects your documentation and provides it to a loan processor who will review documentation prior to submitting for an underwriter’s review. The documentation you provided is then verified and an appraisal of the home is ordered. Please know that this will be the piece that may take a few weeks due to verification, scheduling of the appraiser, and the possibility of additional documentation for loan approval.

LOAN APPROVAL: Following verification of documentation and receipt of appraisal, the underwriter can then issue a loan decision, which indicates you have loan approval and can more forward with closing on the home. Pre-approval, which we mentioned in the beginning, is very different from Full Approval. You can be pre-approved for a mortgage amount based on the initial contact with a licensed loan officer, but you do not have Full Approval until your documentation is received and verified, and the appraisal is completed and received.

CLOSING YOUR LOAN: Now that all conditions of the loan have been satisfied, and Full Approval has been received, a closing can be scheduled on your home.

CONGRATULATIONS ON YOUR PURCHASE!
Your HomeSource takes pride in providing a personal touch with customized client service. We hope that your experience has been as satisfying to you as it has been to us.