Before you proceed with actively looking for a house, you need to know how much is your affordability. Lot of factors decide that. Your income, assets, debts and credit report are critical and need to be reviewed. We will run your credit and issue a pre qualification letter. In the current market, every seller is looking for this letter along with the offer.
If you don't have a realtor, we can recommend one. Realtors are very important part of the process and their job is not only to open and close the doors but to guide you through the purchase, negotiate and give you the best deals. Due to that they need to match your personality and need. So interview them before hiring to avoid surprise.
Most of the people will need loan to make the purchase. It is always advisable to take at least 3 estimations from different places. Finalize the one which fits your criteria. Remember that cheapest is not always the best. Kumar Home Mortgage spends enough time explaining to make the process smooth. We take lot of pride in our client satisfaction rate. Please take a look at our reviews.
Comparing the estimates are very important to identify the best option. It goes deeper than just the interest rates, cash to close and monthly payment. You also have to verify the third party costs and how closely they are reflected. We will help you in understanding these figures.
Once you have decided Kumar Home Mortgage to be your broker, you can fill up the application online or through MS Excel sheet as per your convenience. You have to provide all the docs required for the loan. All this can be safely uploaded to an online storage link. Your data safety is a prime concern with us and so this link is custom made for you with password protection.
Once application is received, we will run your credit history (if not run already during pre-qualification) and prepare some papers for you to sign. All signatures are e-signed unless lender specifically asks for wet signature. All this along with the application is uploaded to the lender. Lender will ask for your "permission to proceed" electronically and once you give permission by signing the papers, we can proceed with loan.
There are lot of background work we need to do. This includes collecting information from third parties like title company, appraisers, insurance agents etc. This will be all done by our team and you don't have to do anything. During this process, your application will be verified by AUS (a SW verification) and an underwriter who manually checks all your docs.
Almost all loan applications get conditions. Conditions are basically questions from the underwriter about any of your documents is something is not clear. Our team will help you with closing the conditions. After all conditions are met, loan could be clear to close. During this time, you can find a home insurance agent and send us the quote so that we can get the paperwork ready for insurance. We can help you with finding one if needed.
Once "Closing Disclosure" or CD is released, it needs to be acknowledged 3 days before closing date. This is time sensitive as per the law and there are no exceptions. This CD will have the exact "cash to close" information. We will setup a time for you at the title company for closing and will meet you there at the closing table to further guide you through the papers if needed. After funding, you can enjoy your new home.