How Does the Mortgage Process Work?
The Process Is Simple, STEP BY STEP process..
1.The first step is to get in touch with me directly. The easiest way to do this is to just pick up the phone and give me a call or send me an email. You can also fill out an online application form that provides me with all the key information. But not all people are comfortable with the online forms, especially before they even talk to anyone. And once, we’ve spoke I can also outline everything I will need to proceed.
2.once you are comfortable, fill out the application that I send to you via email or give to you in person and scan back to me with all the required documents. Make sure your application is as thorough as possible. I will call or email you with any questions I may have. Keep in mind, I will not pull credit till you are fully ready to move forward with the application AFTER I have examined your file.
3.After the initial application I will go through my customized assessment process and give you mortgage options are available to you. It is important to provide as many documents as I have listed in the application to make it easier to gain SUCCESS. To avoid any confusion or misunderstanding or confusion I will need to analyse all documents before I can shop around for you.
4.Once I have found the best product options for you I will offer them to you and you will decide which one you like best.
5.I will then get in touch with you to go over the options with you.
6.Once you’ve made your decision, a lender approval can be obtained in matter of hours and then be provided to you the same day or the day following the approval.
7.You then can review the approval at your convenience. If you have any additional questions, just call me and we’ll go through them. If everything is in order, you will sign the forms and I will in turn forward it to the lender.
8.The Lender will then typically take one to three days to review the paper work. Meanwhile, we will work to fulfill any outstanding conditions that need to be
9. You then satisfy the conditions by providing whatever additional information is required (some examples would be the name of your lawyer). Once that’s done, your mortgage is ready to go.
10. Now we’re on the home stretch where all you have to do is meet with your lawyer to go through the closing process.
11.I will take care of all the paperwork and communication with the lender. You just have to meet with your lawyer to complete the transaction.
12 .At this point, CONGRATULATIONS for the SUCCESS in securing the mortgage financing you were looking for. TOGETHER with your COOPERATION we can make it a smooth Process.
The three Main Items I am looking for when I review your application
You’re income- generally you can afford a home that is 4 times your yearly income. For example: If you make $100,000/year you can afford a $400,000 home (as an average)
You’re Credit Score. When looking at your score I’m looking for a credit score of at least 650 and up. If you’re score is a little too low,I can council you to help you to repair your credit as well
You’re Downpayment- usually we require a 5% downpayment. However sometimes we may require up to 20% down if you have a more complex application. Keep in mind you will need to have a certain amount for closing costs and lawyer fees. Just know that you are not required to pay me for my services. The bank pays me so you don’t have to worry about that.
If any of these Items are a challenge I can offer some suggestions to you so we can get you’re Mortgage closed.