Below are packages prepared by myself and Victor Bals my preferred lender. These are meant to help educate home buyers of the mortgage process as well as popular loan programs.
Home Buyer’s Guide
The most important step in the home buying process is first getting Pre-Approved!
Things Not To Do
This includes the most common home buyer oversights causing delays in transactions.
The Rural Development program is backed by the USDA and focused on providing financing for those with low to moderate income. (ALL of Livingston County is approved for RD financing)
This is a Conventional loan allowing 3% down which can be gift funds!
The Doctor’s home loan program is available to MD, DO, DDS, DMD, Dentists, Podiatrists, Ophthalmologist, and Veterinarians!
The MPP4 Mortgage Calculator was specially designed by Victor Bals featuring an award-winning PMI calculator!
Here is a brief summary of the Home Buying process!
After asking a few questions and filling out a Loan Application together, we will then check your credit. Based on the information we have at this point, we will determine which Loan Program is best for you. You can now consider yourself Pre-Qualified.
We will review your documentation such as paystubs, W2’s, tax returns, etc, before issuing a Mortgage Pre-Approval. Send all of your information quickly so we can issue your Mortgage Pre-Approval and get you house shopping!
Finding a New Home
After the Pre-Approval has been issued, it’s time to go HOUSE HUNTING. We are happy to crunch some numbers on any house you are interested in and give you a good idea of the estimated payment amount and cash to close.
When we receive the fully executed Purchase Contract and we will start to work everything up and prepare the Loan Disclosure Package for you. We will also let you know if we are missing or need to update any of your documentation.
Once the Loan Disclosures are issued, reviewed, and signed by you, we will then order the Appraisal.
While we are waiting for the Appraisal to come back, we will prepare your file for Underwriting. It is a good idea to start shopping around for Home Insurance quotes.
Initial Underwriting Approval
After Underwriting reviews your file, they generally ask for additional information. We will work with you to gather any additional information still needed
Clear to Close
After Underwriting has reviewed and cleared any additional information provided, they will issue the “Clear to Close..” We can then start the process of scheduling a date, time, and location of the closing. The closing is generally scheduled for one week later from the date the Clear to Close is received.
Preliminary Closing Disclosure
We will send you a Preliminary Loan Disclosure giving you a closer estimate of your cash to close. Law requires this document to be signed no less than 3 full business days before the closing date.
We will let you know your final cash to close figures and if the Title Company requires your funds in the form of ‘wire’ or ‘cashier’s check’. We usually have the final figures a day or two before the closing date.
At this time, you will meet at the Title Company or Real Estate office to sign your Closing Documents. This is a good time to ask the Seller any questions you may have regarding the property.
Your 1st payment and all future payments will be due on the 1st of each month. The 1st payment will follow the first ‘full month’ your mortgage has been in place.