Borrower Timeline
We understand that buying a home and securing a mortgage can seem like a daunting task, but it doesn’t have to be that way. We are here to help guide you through the mortgage lending process and make your dream home a reality!
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Choose Your Broker
Which loan is right for you? A licensed mortgage broker can help review your financial position and choose a program that fits your wants and needs. (Why you should choose us!)
- Get Pre-qualified – A pre-qualification is usually required before you put a contract in to purchase a home. We do not charge for a pre-qualification consultation except for the actual cost of pulling your credit. If you are considering buying a home in the next 12 months it is time to get pre-qualified! Call us at (325) 795-1000 to get started.
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Find Your Home
Since you have been pre-qualified, you know how you can finance a home. Having this information tells your REALTOR® and home sellers that you are a serious buyer and can also be used to provide leverage in negotiations.
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Under Contract
Your offer has been accepted and you are one step closer to moving day – congratulations! There are a few steps that will come next to make sure that everything is accounted for prior to assuming ownership.
- Lock in Your Interest Rate – Call us as soon as you find a home and a contract has been fully accepted by the seller. We will lock in your rate for a term that will coincide with your proposed closing date.
- Get the Home Inspected – You are responsible for setting up an appointment with an inspector and paying their fee. We will not order the appraisal until you have the home inspected. We want to be sure you don’t find anything in the inspection that would make you back out of the deal under the terms of your contract.
- Appraisal – After you have given us the OK on the inspection, we will order the appraisal. This is to be sure the home is worth the sales price of the home.
- Home Insurance – It may take a little time to shop for the best homeowner’s rates. You might want to use a company that you have an established relationship with, or call a few companies to compare rates. After you decide, please let us know your agent’s phone number. Don’t forget about flood insurance if the home is in a flood zone!
- Survey – The survey is a drawing showing your actual lot, where the house sits on your lot, building easements, any fences, etc. If your seller does not have an existing survey, we will try to order this as soon as possible. Usually we want to wait to order this until we know the home has appraised for the contract price.
- Title Work – The title company is listed in the contract. We will send them a letter requesting title work. You will usually receive something from them stating they have searched the title history of the home you are buying to assure you that when you close, all seller’s liens will be paid and you will own the home free and clear other than your mortgage lien.
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Closing
This is the fun part (besides moving all your stuff of course). We are excited to get you to this point so you can enjoy your new home!
- Ownership Transferred (Closing Day) – You will sit down with an attorney and sign all the necessary documents to actually obtain the loan and have the title transferred from the seller’s name to your name. The day before the closing we will let you know the final amount, if any, you need to bring with you to closing.
- Funding of the Loan – The title company will send the investor (the company with the money for your loan) certain documents to assure them that everyone has signed and the investor will give the title company the approval to disperse the funds.
- Moving Day! – Sorry, but you are on your own for this one! You will usually take possession of the home after closing and funding, but it will depend on how your contract reads.
It is our job to ensure this process goes as smoothly as possible. During the process if you have any questions, please call us at (325) 795-1000.
