The time involved in this part of the process varies, and is greatly influenced by how well you cooperate with the loan processor. Once you bring in everything required, it is just a matter of waiting for the return of verifications that must be mailed.) (NOTE: the mortgage company will seem to be VERY NOSY! After all, they are loaning you a lot of money for a long period of time! Don't be offended by any questions they may ask, and be as honest as possible, especially regarding any credit problems. They are there to help you, and they WANT to do business with you! The loan processor is trained to know what information the underwriters will need, and it is his or her job to provide a packet that can be approved.) As verifications come in, you may be asked for a few more items to confirm information -- documentation of funds in your bank account or credit explanations, for example.
Once ALL of your information is in and the appraisal has been received, your entire file will be sent to the mortgage company's UNDERWRITER for final approval. This will usually take only two to three days, and the mortgage company will inform both you and me of approval.
STEP 2: The mortgage company will draw its papers and send them to the TITLE COMPANY, where your loan will be closed. The Title Company's job is to guarantee you a good title to the property. They will already have begun reviewing public records to be sure there are not liens, judgments, or back taxes attached to the seller or to your new home. When the title company is assured the title is clean and has received the necessary loan papers from the mortgage company, we will set a CLOSING DATE. This is the day you will pay the remaining money due, sign the loan papers, and actually become the new property owner!
In most cases, the title company will send both you and me a copy of your closing statement in advance, so that we can go over the various charges and see what funds you need to bring to closing. YOU WILL NEED TO BRING A CASHIER'S CHECK OR CERTIFIED FUNDS TO CLOSING (no personal checks), and ALL PARTIES MUST BE PRESENT TO SIGN THE PAPERS. If one party must be out of town, the title company can make advance arrangements to send closing papers by certified mail or Fed Ex.
STEP 3: OCCUPANCY will be given under the terms of your specific contract. It may allow a certain number of days after closing and funding, or it may name a specific date. Most of the time, this works out just as planned: the seller moves out just before the occupancy date, and you can move in as scheduled. Now and then, however, minor adjustments must be made because of special circumstances. Should this happen, please try to be as flexible as possible. My job is to try to make this as pleasant a time for you as it can be, but sometimes it takes a lot of cooperation on all sides to make it so! I am not allowed to give you keys to an occupied home, regardless of the occupancy date, but my goal is to see that all deadlines are met as agreed.
MOVE IN! AND CONGRATULATIONS ON YOUR NEW HOME!
CAN I MAKE THE PROCESS ANY EASIER?
There are many ways you can help the home buying process go more smoothly! Specifically, educating yourself to the way the system works can be helpful in making you a cooperative partner in getting your loan approved. This gets you moving into the home of your dreams! Here are some things you can do to speed things along:
(1) Get qualified with a mortgage company -- first! (I can help you "shop" for a loan that will meet your needs and a company that will serve you efficiently and at reasonable cost.) This makes you the same as a CASH buyer...very important when the seller is compaing your contract to other potential buyers! (If the seller has one buyer who offers a deposit while he goes out to look for financing, and another -- YOU! -- who has cash available immediately, which contract do you think will be most attractive?) Be honest with the loan processor about your finances -- he or she can help you with many credit problems if aware of them, and trying to hide them will just delay the process in the long run.
(2) Work with ONE agent in looking for a home. Even if you choose a company other than ours, it's still the best plan. Finding just the right home is often a "narrowing-down" process, and a good agent can quickly pinpoint your likes and dislikes to avoid your viewing a lot of homes that won't meet your needs. I can show you any home on the market, and my experience allows me to focus in on what you want in a short time.
(3) Be honest with me about what you like and dislike! I don't own these homes, and you won't hurt my feelings if you don't care for them! Try to be specific about what will work for you and what will not. The more you share about what appeals to you and what doesn't, the sooner I can find just what you have in mind!
(4) When you find the home you really want -- GO FOR IT! Too often, a buyer postpones a final decision, only to miss out on the home that was absolutely right! This IS a big decision, and you want it to be the right one, but don't delay too long once you are sure it's the home you want!
(5) Provide all required information or fees and do all inspections promptly. The sooner you complete your obligations under the contract, the sooner everything will be finalized. I will help you arrange and schedule inspections and appraisals, and will keep you informed of deadlines.
(6) Don't get stressed. Buying your new home should be fun -- and your agent is there to take care of the details!