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Applying for a Home Loan Is Easy and Quick. It only takes 8 minutes to complete the application.
- Submit Documents
- Home Shopping
- Loan Process
- Inspection & Appraisal
- Conditional Approval
- Final Approval
The ﬁrst step in the Mortgage Process is to complete a full client questionnaire. Once your questionaire is received, an experienced Mortgage Banker will help explain different ﬁnancing options that are best suited for your goals.This beginning stages of the process does not guarantee an approval for a mortgage, however it does provide the knowledge required to set realistic expectations in respect.
Financial documents supporting the client questionnaire must be submitted and veriﬁed by underwriters. Documentation commonly requested (but not limited to) would include 30 dayspaystubs, 2 years complete tax returns, 2 years W2’s and 1099’s, photo ID’s for all applicants, current checking and savings account statements, and recent retirement/investment account statements. If you have experienced a divorce or bankruptcy, supporting documentation will be required.
Now that the pre-approval is in place, you can begin the process of shopping for your dream home! You might consult with a realtor about your needs and prepare a list of available inventory that suits your search criteria. When the perfect home is located, Your realtor will present your offer to the seller.
When all parties have agreed to the terms of the sales contract, you will meet with your Mortgage Banker to discuss the different ﬁnancing options you may qualify for. When the type of mortgage, and term, has been determined, you will sign the Loan Application and the Loan Estimate. This document is not 100% accurate in the early stages, however, it does provide you with a realistic picture of your transaction.
A Mortgage Underwriter’s job is to assess the risk of lending you, the applicant, money to purchase your home. They will consider factors such as credit history, employment history and income, and your ability to repay when determining if they will approve your loan or not.
Inspection & Appraisal
Your Realtor will recommend a capable home inspector to conduct a thorough inspection of the property. The inspector will check for any structural and/or material defects in the property and provide a written report about their ﬁndings. If the property contains items that need to be addressed, per the inspection report, the Realtor can submit a building resolution document that request the seller to correct the deficiencies or provide a credit for the repairs at closing. (dwell Mortgage does not require a copy of the inspection as this is a voluntary inspection) dwell Mortgage will order an appraisal on the property from one of our approved vendors. The appraisal report is required by underwriting as it provides a collateral assessment of the property, assuring the Lender that the property value is commensurate with the purchase price.
After the initial documentation has been collected and the appraisal report has been issued, the ﬁle is submitted to our Underwriting Team for review. Typically on the ﬁrst review, the Underwriter will issue an “approval” but with some conditions.These “conditions” are items that the Underwriter needs additional clarity on. Once these conditions are met, the ﬁnal approval will be issued.
The ﬁnal approval is issued when all documentation has been signed off on by Underwriting. It is imperative that this ﬁnal approval date is met prior to your loan commitment date on the sales contract. Since this milestone is time sensitive, staying motived and providing all requested information will allow us to meet the designated date of loan commitment and prevent any delays or extensions.
Congratulations on Your New Home
The loan closing appointment typically occurs at a Title Company and represents the time when all Buyers sign the ﬁnal loan, and title, documents. This will include the transfer of title and all recording instruments that show YOU as the new owner!
What Set Us Apart
Meet Eddie Skinner
Eddie Skinner is the broker/owner of Storehouse Mortgage. He is an independent broker with 10 different banks enabling him to get you the best service, pricing and communication. You will enjoy working with him and his team!
WE ARE WHO WE ARE!
Hear what our clients are saying about us!
We love our new home, and can't thank Maynard Lanham and Stefani Hale enough for all they did to make sure today happened. I own a home today because they aren't just great at their job - they are fantastic people, as well.