I’ve found a house now what?

The first step would be to contact a Loan Officer at Home Mortgage to be pre-qualified or pre-approved for a mortgage loan to purchase the home. Then contact your Realtor to make an offer to purchase, hopefully concluding with an accepted contract to purchase.

How quickly can I be pre-qualified?

Generally pre-qualifications can be handled in just a few minutes. All it takes is a phone call to one of our experienced loan officers. You will need to provide information on your income, deposits, loan, and credit card payments.

What are my responsibilities in the buying process?

You are responsible for performing the terms of the sales contract including:

• if the contract calls for a home inspection, order and review the inspection within the time frames in the sales contract
• apply for a loan in a timely manner
• schedule your closing with an attorney
• provide requested loan information in a timely manner
• obtain Homeowners Insurance for your new home
• if required, obtain a termite inspection
• bring certified funds to closing for down payment and closing costs

Your Realtor and Loan Officer will assist you in handling these items, but it is important not to procrastinate!

Are pre-approval and pre-qualification the same?

Pre-approval and pre-qualification are similar but different procedures. When a loan officer pre-qualifies you for a mortgage, they are using information provided by you, which is not verified. If you provide accurate information to your loan officer your pre-qualification should turn into a loan approval when you apply for the loan.

A pre-approval is a commitment to extend credit to you. After reviewing your credit history and verifying your employment and financial information, you are approved for a loan subject to selecting a home within the approved price range and an acceptable appraisal on the home.

How quickly can I be approved for a home loan?

If you apply with one of our loan officers, loan credit approval can be obtained in as little as five minutes. Other applications must be fully processed before they can be submitted for underwriting approval. In most cases, the time required for approval is determined by how prepared you are when you apply for your loan.

How long will the loan process take?

The loan process from application to closing is usually completed in 2-4 weeks, depending upon:

• How well prepared you are when you apply
• The amount of information that must be collected through third parties, employers and banks
• When the appraiser is allowed to inspect the home
• Obtaining title information from your attorney

For answers to all you questions call Home Mortgage