The Purchase Process

Gathering high-level information about income, debts, assets, and other expenses to help determine an affordable price range for your new home and identifying some steps you may need to take to move forward in your process.

The pre-approval is what an agent and a seller are looking for when you make an offer. Credit is checked, income and assets are verified and the file is run through an initial underwriting system for approval. A pre-approval should provide you with the peace of mind that if your offer is accepted you will be granted financing. 

The application is updated to include the property details and sales price. Initial cost estimates are provided based on the third party fees for the transaction such as title, escrow, appraisal, and other. The preliminary title report and appraisal are ordered as needed. Updated income information and assets documents are added to the file and the entire package is uploaded to the lender for underwriter review.

Underwriting reviews submission package and makes notes on items they would like further clarification on. We call these conditions. They may also condition for items ordered and not yet received like the appraisal, home insurance quotes, and others. In anticipation of receiving those items from the third parties we gather any additional conditions to send in for the final review. Any documented changes to costs are re-disclosed at this time.

Once we receive the third party conditions and any further documentation from you the items are submitted for final review and the authorization to proceed to the closing process.

After final approval the closing documents are prepared by the lended and sent to the title company for the scheduled closing. Document packages include the mortgage and the note along with several other documents that are presented to you and explained at the closing for signatures. Once all of the signatures are completed and reviewed for accuracy the lender will authorize the title company to release the funds to the seller and record the new mortgage at the county. Once recorded and all purc

At some point during the process you will sign a closing disclosure with the final accounting of the loan. Sometimes this happens sooner in the process but it must be acknowledged by you at least 3 days prior to closing. Also, some purchase contracts have delayed occupancy or rent back clauses that could delay you receiving the keys but once the mortgage is recorded you are the owner of your new home. Each transaction is unique and we are here to communicate and keep you informed through the ent