It is critical that you speak with a lender to obtain a pre-approval letter as soon as possible and before we begin the search for your new home. You will be in a better negotiating position with the sellers if your lender has pre-approved you before submitting an offer. Below is a list of some professionals who are qualified to help you.
The loan application process need not be intimidating. The Kristan Cole Network has detailed the steps involved in the process so that you feel confident about going to the lender prepared with everything you need to successfully complete the loan application.
1. During your initial meeting with a loan officer you will provide all the information necessary to complete the loan application. You may pay an application processing fee to put your application in process and a credit report is ordered. The application fee covers the credit report fees.
2. Once the credit report is completed, the credit agency will send you a letter requesting any explanations that may be necessary. The explanations must then be sent to your lender. Please respond quickly to all written or telephone requests for information so that you can begin finding a home in the right price range as soon as possible.
3. The next step in the process is the verification of your documents. Letters requesting information verifying your employment, bank balances, rental or mortgage information, etc., are sent by the lender to the appropriate institutions. The information returned is compared with the application. As the process takes place you will be contacted to supply a variety of necessary information. Again, please respond quickly to the lender's requests so that your loan application can be approved. You will want to be able to act quickly when you find the perfect home!
4. When you have found the home you want to purchase and are under a contract for that house, your appraisal is ordered and scheduled immediately. When the home is under contract, the lender will contact you to lock in your interest rate. When the appraisal is received, the entire file is sent to the underwriting department for final approval. This takes about 48-72 hours. When the loan is approved, the documents are prepared for your purchase closing.
It is important to have a prequalification letter to put you in the best negotiating position with the seller.
The Kristan Cole Network Preferred Lender
Alice Clarke Roe