To help make the homebuying process feel less like a process, we’ve broken it down into five essential steps.
Get pre-qualified to find out how much you can afford
During our initial conversation, you’ll tell us about your homebuying needs, and we’ll explain your options. We’ll review your financial information, including total assets and credit rating, to determine what amount you can qualify for.
Apply for your mortgage loan
Once you find the home of your dreams, you or your realtor will send us a document called the Purchase Agreement. With that in hand, we’ll review your loan options with you—including rate, term, and type—before recommending the perfect mortgage.
Based on the mortgage you chose during step 2, your loan officer will prepare and send your loan documentation to a LMCU underwriter. You’ll need to provide income and asset statements, a purchase agreement from your realtor, and miscellaneous supporting documents. We’ll verify your employment information, and schedule an appraisal.
Our team of loan processors and underwriters will review your credit and property info to make sure you qualify. Certain information is time sensitive, and might need to be updated throughout the process. If that’s the case, we’ll contact you. Finally, a loan closer will review your loan and prepare the closing documents to send to the title company. At this point, we’ll send you the final closing disclosure which will state your final amount to bring to closing.
At your closing date, you’ll transfer or bring a cashier's check with your final amount to close and we’ll bring the legal documents. Once you've signed all of the dotted lines you will officially be an owner of your dream home!
Topics: Home Financing & Renovation