Program Services | Financing
For most of us, the joy of hearing “your loan has been approved” represents the moment when we realize the dream of homeownership is about to happen.
When it comes to purchasing a home in today’s real estate climate, it is recommended that you get the financing in place as early as possible.
With regulations and guidelines for lending at all-time highs, it’s important to understand the mortgage lending process and need expert guidance as you move forward.
The Mortgage Process:
- Step 1: Get pre-qualified to establish your price range. By getting pre-qualified via phone, online application or in person you will get a better understanding of your mortgage options and price range.
- Step 2: Visit properties and find your dream home. Working with your specially selected Interior FCU SMARTMOVE® real estate broker to determine your optimum location, visit properties and discover your dream home.
- Step 3: Write an Offer to Purchase - including a “Letter of Pre-Approval.” In today’s market, an Offer to Purchase including a Pre-Approval Letter is regarded as more solid and credible, giving you a distinct advantage over other buyers.
- Step 4: Upon acceptance of your Offer, complete your Mortgage Application. Collect and send your mortgage application documents to your loan officer who will prepare the application for your signature.
- Step 5: Sign your Mortgage Application so your lender can order a property appraisal. The appraiser then determines if the accepted sales price meets all the necessary guidelines.
- Step 6: Property inspections are completed and repair issues (if any) are negotiated up front with the seller.
- Step 7: Select your homeowner’s insurance and have your insurance agent contact your lender immediately.
- Step 8: Your loan is reviewed and underwritten. Upon receipt of the necessary documentation, the file goes to our Underwriter for approval. A loan may be approved outright, or more commonly, approved with conditions. The loan processor will review these conditions and may require you to provide further information if needed.
- Step 9: Inspection report(s), appraisal and application documents are brought together to create your “Closing Package.” Once all conditions have been satisfied, all your documentation is in hand and your appraisal has been received, our underwriters will approve your Package for closing. Also, during this time, your homeowner’s insurance company will need the appraisal to bind your insurance. If there were any home repairs needed, a final inspection may be required at this time.
To learn more about getting pre-approved for a mortgage, contact your Interior FCU SMARTMOVE® coordinator.