The Steps to getting your Mortgage
By following these steps you can make the mortgage process as stress-free as possible.
Step 1: First and most important, get pre-qualified so you know your price range. By getting pre-qualified you will know your price range before you start looking. By knowing your mortgage options and price range, you will avoid the disappointment of finding a home that is outside your target price range. You can do this by phone, online or in person by meeting with your bank or our Mortgage Lending consultant.
Step 2: Now you are ready to find your new home. With your pre-qualification letter now in hand, you will be ready to work with your CENTURY 21 Hancock Properties Inc agent (or perhaps other agent) to find homes that meet your criteria. If you do not have an agent yet, click here and select from one our well qualified agents.
Step 3: Found the right home? With your Pre-qualification letter, you can write your Offer to Purchase. In today’s market, most listings require the Pre-qualification letter with the offer. With your pre-qualification attached, your offer will get the attention it deserves.
Step 4: When your offer is accepted, you can complete your Mortgage Application with the specific information on the home. Your bank or our Mortgage Lending consultant will guide you through the final application and information collection steps toward getting your mortgage loan approved.
Step 5: After the application is complete, your mortgage consultant will work through the requirement of your mortgage provider, such as the Appraisal. Working with an experienced mortgage consultant is valuable in making sure the property measures up to your Offer amount.
Step 6: In addition to the financing steps, your CENTURY 21 Hancock Properties Inc agent will guide you through the Due Diligence period negotiated in your Offer to Purchase. Assisting with all required property inspections and repair negotiations all happen during the Due Diligence period while your mortgage loan is being approved.
Step 7: As your Due Diligence deadline draws near, your CENTURY 21 Hancock Properties Inc agent will monitor the process to be sure loan approval happens before the end of your Due Diligence period. Your agent may assist you in negotiating an extension of Due Diligence, if necessary. Once conditions for approval or approval occurs, the Due Diligence period can end and move toward Settlement and Closing
Step 8: Between your Century 21 agent and your mortgage consultant, you will be guided through all steps relating to the property and your loan application to get your mortgage underwritten and final approval. The time between the end of Due Diligence and Settlement/Closing can be stressful leading up to your loan being underwritten. Our experience will help this time be as smooth as possible as you move toward your Closing!
Step 9: If repairs were negotiated, final inspections required for loan approval are made, if necessary, by appraisers. However, your Century 21 agent will schedule the final walk through before the Settlement and Closing. If any delay is necessary, your mortgage consultant and your Century 21 agent will help you with the necessary steps.
Step 10: When the Underwriter approves the loan, a Closing Package is prepared by your lender and sent to the Closing Attorney. They will prepare the HUD-1 statement and send copies to everyone including you, your agent, and the lender for final review. The HUD-1 shows how all funds involved in the closing were received and how they were disbursed. It will show the amount of Certified Funds you as buyer will bring to the settlement.
Step 11: Settlement and Closing normally happens on the target Settlement Date initially shown on the Offer to Purchase; however, it may be adjusted based on the final underwriting completion. The Settlement meeting at the attorney's office is scheduled, and the signing of all the papers begins. Upon completion of all the paperwork, the Attorney will record the transaction at the court house, normally the same day. This completes the Closing. Once the Deed is recorded, the home is yours and you get your keys.
Step 12: You can move into your new home and live happily ever after!