Financing Process Explained

When purchasing a home it is extremely important to speak with a lender or lender representative, unless you are planning on purchasing the home cash.  It is a simple and easy process:

1.  Speak with lender to obtain “Pre-Approval” or Pre-Qualification” letter.

To get this you will provide:

- Credit report or allow lender to request it for you

-  Provide basic income information

-  Employment Information

2.  Determine Monthly Payments that you feel comfortable with including property taxes and insurance.

This will help provide clarity with regard to the price range you want to be shopping for homes in.

3.  Once in contract on a home you will provide documentation and make loan application.

4.  Loan application and documentation are sent to underwriting department to process and give clear to close.

5.  Close on home and funds are wired to title company prior to receiving keys.