#1. Call The Drefs Team at 623-694-0354. The Drefs Team will be able to guide you to a fair, experienced loan officer who will help you determine your income and expenses ratio.
#2. Call the loan officer suggested to obtain loan prequalification form. The prequalification form shows a seller that you have started the loan process and appear to be qualified to receive a mortgage loan. A loan prequalification form must accompany all offers to purchase so it is best to get it first before looking at homes. The prequalification form will also state the maximum amount you will be allowed to borrow. This helps us determine a maximum purchase price when searching for homes.
#3. During this phone call, your loan officer will ask for verfification of your income in the form of paystubs and verfication of savings in the form of bank statements. Your loan officer might also ask for the most current credit card statements to determine expenses. Later in the loan process, the loan officer may ask for such documentation again. So, it is best to keep it handy.
#3. Give the prequalification to your Buyer’s Agent at The Drefs Team. Now The Drefs Team will begin to search for homes for you to purchase using the size, price and location guidelines you provide. When you decide which homes are the most appealing, your Buyer’s agent will show you the homes in person.
#4. By now, you have selected your favorite home and have requested that your Buyer’s Agent write an offer to purchase on your behalf. After the seller accepts your offer and you are officially under contract to purchase the home, you will need to deposit your earnest money at the title company listed on the contract as soon as possible. Your Buyer’s Agent will alert your loan officer and send he/she a copy of the purchase contract.
#5. According to the contract, you will receive an inspection period. During this time you will need to have all inspections at the property. You may or may not have the right to ask for repairs. During this time it is wise for the buyer to begin researching for homeowners insurance for the new property. Your loan officer will need to know the terms of your homeowner’s policy and the monthly insurance payment amount. Please share this with your loan officer.
#6. Upon completion of the inspection period, your loan officer will order the appraisal. The appraiser will determine if you are paying a fair amount for the property. Your loan officer will need the payment for the appraisal prior to ordering it.
#7. When the appraiser determines that the property’s value is for at least or more than the purchase price, then your loan will progress into underwriting. This is the “investigative” stage where the lender verifies employment and income and expenses, etc. The lender may ask you for more documentation during this phase. When all the underwriter’s questions are adequately answered, then the loan documents will be written and delivered to the title office.
#8. The title office will call you to make an appointment to sign your paperwork in person. If you are unable or unwilling to sign in person, then the title company will send a notary to you to obtain signatures. After the buyer and the seller have signed the final documentation, the loan packet will go back to your lender for the funding of the loan. Your lender will wire the monies to the title company. Once the wire is received, then the title officer will alert the county and the official sale will be recorded.