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Realtor Selection - Real estate professionals have access to home buying tools and experience that the average home buyer doesn't have. Your agent's role is to guide you through the home buying process and help you find the home that best suits your needs and price range and guide you to competitive mortgage loan service, rates and costs.
Pre-approval - Use www.whiteheadweb.com/finance/qualify.asp to input your financial profile to confirm your calculations prior to an appointment with the lender of your choice to obtain a written mortgage loan pre-approval. Viewed as "cash buyers", pre-approved borrowers have greater negotiating power as well as pinpointing exactly how much house you can afford.
Loan Search - Buyers should seek the advice of an experienced mortgage professional, someone who will help determine which financing options best suit their needs today and in the future.
Loan Application - Ask your Realtor for a sample mortgage loan application form on which you can use to gather your complete financial information prior to the appointment with your lender.
Documentation - Bring to your lender interview supporting paperwork including pay stubs, two years' tax returns and account statements verifying the source of the down payment, funds to close and reserves.
Property Appraisal - Lenders require an appraisal on all home sales. By knowing this value of the home, the lender is reassured of not exceeding reasonable loan ratios.
Title Search - Any liens placed against the property are revealed in this document. Payment of such outstanding debts of the owner must be paid before a transaction can be consumated.
Inspections - Illinois legislation and the lender's criteria might include: flood certification, water cross-connection certification, sanitary sewer clear water certification, well and septic evaluation, and smoke detector inspection. Inspection by a certified home inspector might include: radon, pests, mechanical or structural and other major home components. Buyers and sellers may also include contract review by their respective attorneys, and the buyers will have an opportunity to examine the real estate, fixtures and personal property that is being purchased in a walk-through inspection 48 hours prior to closing the transaction.
Underwriter Review - Based on information assembled by the loan originator and processor, the underwriter makes the final decision regarding whether or not a loan is approved.
Approval, Denial or Counter-offer - In order to approve a loan, the lender may ask the borrowers to invest more down payment to improve the debt-to-income ratio or if the property appraises for less than the purchase price. Private mortgage insurance may be required when borrowers' down payment is less than 20 percent of the loan.
Insurance - Lenders require fire and hazard insurance on the replacement value of the structure. Flood insurance also will be required if the property is located in a flood zone.
Closing - Final loan and escrow documents are signed, the lender sends a wire or check for the amount of the loan to the title company, and the lender authorizes disbursement of loan proceeds. Documents transferring title will be recorded with the County Recorder.
2924 Panorama
