Buying Your Home
The pre-approval process allows us to verify your financial status and credit so we can provide a specific loan amount. Having a pre-approval can give you an advantage if other buyers are interested in the house.
When you are interested in a home, your real estate agent or lawyer will make an offer. The buyer may ask you for a good faith deposit, generally 1% to 2% of the purchase price, to be held in an escrow account.
Congratulations! Let your Mortgage Loan Originator know the good news as soon as possible so your loan can be completed and processed. Provide any additional documents quickly to ensure your loan closes on time.
A home inspection can identify unknown issues before the sale is final. You will have the option to ask the seller to correct any problems or negotiate to have the repair costs deducted from the purchase price of the home.
After the underwriter reviews your loan, you will be sent an email providing conditional approval based on the receipt of some specific documents. Once you supply the documents, your loan can move to the closing stage.
You will receive your final loan documents at least three days before the closing date. We will arrange for a notary to meet with you to facilitate the signing of your final mortgage paperwork.
After your loan documents have been processed and close of escrow has been completed, the property will be transferred to you. You will officially become the homeowner. Congratulations!