This is provided to you from Jennifer Brown at www.jenniferdolphin.com
and Betty Murphy at Lake Michigan Credit Union- For more information now!
FROM APPLICATION TO CLOSEWhat to Expect:
After you select your Realtor, you will want to meet with a licensed mortgage professional to define your home buying needs and options.
Pre-qualifying may help you land the home you want.
When your realtor presents the offer you make on the home you want, both the "listing" realtor and the seller will want to know you are pre-qualified.
Where you are pre-qualified matters a great deal, especially, in the low inventory market we are currently in. Using a local credit union or bank matters. The Quality of your offer, is based on many things of interest to the sellers, including the time frame of the closing; the specific lender and their ability to be in communication with regard to their progress; the type of loan you plan to use; and the down payment; as well as the price!
More importantly to you as a buyer, this mortgage lender is going to be part of your life for a while, whether they hold your mortgage in their portfolio or sell it to another lender, during the life of your loan.
Should you need a referral or two, I can refer you!
Why I frequently recommend LMCU is that LMCU underwrites and holds all of their residential mortgages. Do you have an unusual financial situation? LMCU, has been known to work with people who are a good risk, but just don't have everything neatly sorted out. Let's set you up with Betty to find out more! As always there are several lenders you could speak to, but it is always good to ask your realtor who they know, as they are working very closely in the community to support their clients in finding a lender. Kalamazoo has a wide range of mortgage lenders and surely one of them is a match for you.THE INITIAL MEETING:
Your banker will review your:
- Total assets
- Credit rating
- Financial condition
- Total income
- Liabilities and other obligations
Your loan officer reviews your loan options:
- Loan details
- Determine down payment amount
- Consider private mortgage insurance (PMI) to reduce your down payment
- Review Required documentation
- Expectations and responsibilities - yours and your lender
Your loan processor will prepare and send your loan documentation to a LMCU underwriter.
You'll need to provide:
- Income and asset statements
- Purchase agreement from your realtor (after you make an offer)
- Miscellaneous supporting documents
The bank will secure and schedule:
- Obtain employment verification
A LMCU underwriter will review your credit and property info to verify that you qualify for your chosen loan.THE WRAP UP:
A loan processor makes a final review of all the materials for closing and sends the package to the title company. Your loan officer schedules and prepares you for the closing process.THE CLOSE:
The title company or attorney prepares all legal documents for signing. Your review and signatures will finalize the transaction.
You're there! Keys are waiting!From Application to Close: What to Expect
| THE PEOPLE:
Borrower: You (and/or your co-borrower)
Loan Officer: Your main point of contact/facilitator
Processor: Assembles, verifies, and submits loan package documents
Underwriter: Reviews and approves the loan request
Title Company: Reviews closing papers and facilitates signing