Congratulations on the decision to purchase a new home. Here at Statewide Mortgage we do all we can to help you through this process as timely and efficiently as possible.
In an effort to be sure you have an understanding of this process please take a few minutes and review the HUD Buying a Home Guide, and if you have questions, please give me a call:
Here is a quick overview of what to expect during this process:
- Application/ Prequalification
- Includes the collection of credit, income and asset documentation
- Execution of contract with real estate agent
- Earnest money is given real estate agent. Please use certified funds from your personal account, or certified funds from a gift donors account. All earnest money deposits must have a paper trail. CASH IS NOT AN ACCEPTIABLE SOURCE OF EARNEST MONEY
- Home inspection- optional- paid for by you at time of service
- USDA loans will require a Septic and Well inspection-these services are arranged and paid for by you at time of service
- Signing of loan disclosures with Statewide Mortgage
- Selection of an insurance company for the home owners policy- this is your choice- I am happy to get quotes for you
- Ordering of the appraisal- Fee paid to Statewide Mortgage at the time of signing the disclosures. Appraisal fee is $459 and up
- Title ordered by Statewide
- All documentation submitted to lender for underwriting. Underwriting turn times vary from 2-10 days, depending on the lender selected for your loan and the type of loan program you have applied for.
- Once the underwritten approval is received by Statewide, you will be contacted to supply any documents requested by the lender to complete your file. Requests vary based on program and lender
- Once all documents are submitted to the lender and cleared as satisfactory, your loan will then be cleared to close. At that time Statewide will schedule the closing date and time in coordination with you, the seller, and the closing attorney. Do not schedule any moving or utility services until your loan is cleared to close.
Most loans close within 30-45 days depending on program and lender. We do all we can to get your loan closed on time.
In order to be sure that the loan process is a smooth one, please DO NOT do the following during the loan process:
- DO NOT Quit your job or start a new one
- DO NOT Take a leave of absence or medical leave
- DO NOT Open new revolving credit accounts
- DO NOT Buy a new car
- DO NOT Miss normal installment or revolving account payments
- DO NOT Cosign with another individual on any account
- DO NOT Make large cash deposits into your checking/savings account
Again, I am so excited that you have chosen Statewide Mortgage as your lender of choice… I will do all I can to make this experience as pleasant as possible.
As always, please give me a call if you have any questions…