STEP 1: You will need to fill out an application either in person, by phone, or online.
STEP 2: Your loan officer will review your application and credit report in order to determine initial qualifications and potential loan terms.
STEP 3: You will then provide supporting documentation to support your application and to confirm your qualifications. Your Platinum Pre-Approval Letter with the amount you are prequalified for will then be sent to you.
STEP 4: At this point you may already have a real estate agent with whom you are working. If you do not, then you should take the time to find one to help set up showings at the homes you would like to see. If you need help finding a real estate agent, we can connect you with an experienced agent from our vast professional network.
STEP 5: You will then place an offer and negotiate the selling price and terms of the contract with the seller of the home you are looking to purchase.
STEP 6: During this time after an offer is accepted, you may decide to have a home inspection with a licensed professional.
STEP 7: You may decide to use an experienced real estate attorney to assist you with the Purchase and Sale Agreement (P&S). If you do not have a real estate attorney, we can refer you to a highly qualified attorney from our extensive professional network. The Purchase and Sale Agreement is signed at this point in the transaction.
STEP 8: The financing process continues and the initial loan disclosures are sent out with a checklist of required updated documentation. These disclosures need to be signed and returned along with all necessary documents. The appraisal and title work are also ordered at this time.
STEP 9: Your loan processor reviews your loan file and works with you to prepare a complete file to submit to the underwriter for a conditional loan approval. Your processor issues you a Commitment Letter, and soon after, all the remaining conditions including the appraisal and title commitment are sent to the underwriter for a final review and approval.
STEP 10: Your loan is cleared to close and sent to our closing department where your closing documents are prepared.
STEP 11: The closing will take place at a mutually agreed upon location, usually at an attorney’s office or at the local Registry of Deeds. All final closing documents are signed, and any final monies necessary are paid. Immediately after the closing, the buyer takes legal ownership when the necessary documents are filed with the appropriate Registry of Deeds.
STEP 12: Congratulations! You can now move into your new home!