At the May Mortgage Team we have developed the Perfect Loan Process for all of our clients to experience. We believe that understanding the process will make the experience more enjoyable and you can focus on the greater things in life. Like where you are going to put the furniture and what color to paint the bathroom! Please review The May Mortgage Team loan process. PROVIDE SOME FEEDBACK, let us know what you think.
1. Pre-Qualification: this is usually the first time you speak with The May Mortgage Team. After an application is taken and a few documents are collected we will provide a letter to present with an offer. We will let you know your price range to search for.
2. House Hunting and the Offer: As your house hunting progresses and you find your dream home, you will place an offer to the seller. We recommend you use a professional real estate agent that knows this area well and has lots of experience. Using an agent makes house hunting much easier and will help facilitate the purchase transaction.
3. Ratified Contract: Your offer is accepted because you were Pre-Qualified by The May Mortgage Team. You, the seller, and the agents involved will all sign a purchase contract on the agreed upon terms. Your agent will schedule a home inspection to take place usually within 3-5 days after ratification
4. Loan Package Signing: We receive the ratified contract and get started on your loan package. You will need to sign and return the documents in the package. You will be provided a list of supporting documentation that will be needed for an approval from the underwriter.
5. Appraisal and Title: Upon receipt of the signed disclosures and the ratified contract, we immediately order and appraisal. This is paid for out side of closing and we will collect a check or credit card. Title is ordered and an estimated close date is established. Scheduling occurs after the loan is processed.
6. Processing: your file is submitted to our processor Nancy. She processes the file and prepares it for underwriting. She may contact you if additional information or documentation is needed.
7. Underwriting: The loan is underwritten, conditionally approved, and given to Nancy to clear conditions. These conditions are simple but may require updated documents from you. Once conditions are cleared, the underwriter gives final approval. Once the HUD is balanced, we send you a copy and let you know the details of what to bring to settlement.
8. Closing Day: This is usually done at the settlement company. They walk you through the transaction, answer all of your questions, and give you the final loan documents. You will sign these and you are provided a copy for your own records.
9. Your HOME: You have made it through the home purchase process. One thing is certain, YOU CLOSED ON TIME and you are confident to tell all of your friends. (Like this post to share with all of your friends)
This process is the The May Mortgage Team loan process that we use with all of our clients. Please give us a call or visit our website atwww.themaymortgageteam.com to get started right now.
