What to Expect When Expecting a New Home
Application Taken:
- Application filled out with details, income and assets documents turned in.
- Meet with our team and realtor if available and answer any questions and set expectations.
- Start shopping for home.
Under Contract:
- Initial Disclosures sent out to be E-signed.
- Current Rates and plan for locking or floating discussed.
- Start the Underwriting process for initial approval with address.
- Upload any items discussed for the initial approval process.
- Order the appraisal.
- Shop for homeowners’ insurance and send us quotes.
Initial Approval:
- List of items needed emailed out.
- This is followed by a call from my team or myself to discuss and review
- You will need to upload or send us those needs list items so we can prepare to go back in for final approval.
Appraisal Received:
- As soon as we have the value, we will give you a call or send a text out with value.
- If it’s over or same as contract price -no discussion needed.
- If it’s under we will discuss your options.
- If its Subject to we will discuss with you and your realtor and the listing agent what needs to be corrected in order for things to be closed.
Initial Closing Disclosures sent out:
- This may happen before the appraisal is received.
- This is still an estimated closing amount.
- This starts the 3-day window after which we can close your loan, from the time you E-sign.
Final Approval:
- Loan is final approved.
- We will discuss any Prior to funding conditions.
- We will discuss closing time and date o Coordinate with Title and Realtors
Docs out:
- We have balanced with the title company, and they have all escrows and taxes prorated.
- Prepaid interest figured.
- Cash to close is figured and finalized.
Closing:
- Sign Hybrid E-Sign Package night before.
- Meet at the Title Company Sign your Closing Disclosure.
- Head to the Bank and Wire your Funds needed for Closing.
- We fund our loan, Your funds arrive and title will record you as the owner of your New Home!!
