Your Step By Step Loan Guide For The Puget Sound

step by step loan guide by Puget Sound

 

Many families feel overwhelmed because of the amount of paperwork they must complete. Knowing what to expect, especially if you’re a first-time homebuyer, will help you make solid decisions about your home purchase. (Freddie Mac)

Thank you to our friends at Priority Home Lending, and David Bryce, for providing us this handy step by step loan guide to share with you.  This guide should be enough, along with the help of a great real estate agent and loan officer, to get you comfortably through the home buying process.

If you would like to dig a little deeper don’t be afraid to contact your loan officer directly or you can download the, “Freddie Mac: Step by Step Mortgage Guide.  21 pages of great information.

STEP BY STEP LOAN GUIDE MAP

 

tep by step loan guide map

 

LOAN PROCESS

 

STEP 1. Prequalify at www.David-Bryce.com

After we receive your prequalification request, we’ll schedule a consultation with you to start the process. We’ll also let you know what  documentation to bring to your appointment.

STEP 2. TALK TO OUR TEAM ABOUT YOUR OPTIONS

During our consultation, we’ll discuss your short- and long-term financing goals and what options are available to you. You’ll finalize your prequalification by the end of our meeting. Plus, you’ll get your initial loan disclosures.

STEP 3. FIND YOUR HOME & MAKE AN OFFER

Work with your Realtor to find your dream home. Let us know when you make an offer so we can update your loan file with specific contract details, including the agreed-upon purchase price. Once the final contract is accepted, we’ll coordinate commitment dates with you and the agents.

STEP 4. DISCUSS RATE LOCK

When you’re ready, we can go over your interest rate and locking your loan terms in person or over the phone. You’ll get all the information you need to make a well-informed decision about locking the rate on your loan and the right time to do so.

STEP 5. SECURE HOMEOWNERS INSURANCE & SCHEDULE AN INSPECTION

You must have homeowners insurance prior to your loan closing. We also recommend a professional home inspection to avoid any hidden  problems which could result in future costly repairs for you.

STEP 6. YOUR LOAN IS IN PROCESS

Provide any additional required documentation to our team. Our team orders the appraisal and title work. We also verify your employment, income, assets, and savings information.

STEP 7. YOUR APPRAISAL IS READY

We’ll contact you about your appraisal and any impact it has on your final loan terms. The appraised value of the property you’re purchasing is valuable information during the processing of your loan.

STEP 8. UNDERWRITING REVIEWS YOUR LOAN FILE

The underwriting team confirms all of your credit, employment, and financial information and verifies that you meet all of the required criteria for final loan approval.

STEP 9. YOUR LOAN IS APPROVED

Our team will send a letter confirming your final loan approval. We’ll then schedule a time to meet with you and update you on any other information needed to proceed to closing.

STEP 10. PRE-CLOSING CALL

Several days before your closing date, one of our team members will contact you and review your final loan terms and amount, escrows, closing cost payment amount, and when and where closing will take place. You’ll arrive at closing knowing exactly what to expect!

STEP 11. FINAL REVIEW OF YOUR CLOSING DETAILS

Our team will again confirm with you the closing date, time, and location, and your closing cost amount – which you’ll pay with a cashier’s check. Remember to bring your driver’s license and your cashier’s check to closing!

STEP 12. GET THE KEYS TO YOUR HOME

Your closing goes smoothly – and you get the keys to your new home at the end of closing.

 

Congratulations, you’re a homeowner!

 

About the Author

Jason Fox

Facebook Twitter Google+

Jason Fox is a father, a real estate broker, a marketing specialist, and a friend.Being born and raised in the Pacific Northwest he has a unique and interesting perspective on local real estate that he can't wait to share with you.Jason lives in the Meadowdale neighborhood and hopes to see you out walking, at the park, at the movies, on a trail, on Stevens Pass, on the beach, at a lake, at a Seahawks or Mariners game, or just commenting on the blog.

Leave a Reply

Your email address will not be published. Required fields are marked *