Do you know how the mortgage loan process works? We want you to be educated on the process so you fully understand step by step how we are going to get you in the home of your dreams. We have a unique tool built specifically to help you understand the mortgage loan process from start to finish!
If you answered ‘yes’ to most of these questions, your financial situation most likely meets the home buying requirements. If you are not sure you make the requirements or just need more assistance, contact Insight Team today. We are always ready to help!
After our team explains the mortgage process to you and answers all of your questions. You can move forward with an application, if you’re interested, and make an appointment with a Insight Team member.
After filling out and sending in your application, we will review your documents to ensure that the chosen home loan is a good fit for your family. We will look into your household income, current assets, outstanding debt, and overall credit score.
Once you’re approved, congratulations! We suggest you work with a real estate agent who can help you find the perfect house and help you solidify a good price on the home. We have a list of preferred and recommended agents. We will be happy to pass along their information to you!
With your real estate agent’s tips, you can search for the best home choices in your desired location. Some things to consider when starting your home search:
Many search tools will allow you to look for homes based on some of the criteria above, like schools, price, and home size. If you’re still struggling to find the right home for you, talk to your agent or a member of Insight Team.
Once you’ve found your dream home, what’s next? More often than not, the next step is to make an offer on the home. Negotiating prices comes easier to some than others, so your real estate agent will guide you step-by-step through the process of making an offer.
A good way to get an idea of how much to offer is to look at the nearby homes and what they were sold for. By finding the price of homes that are a comparable size and quality, you can offer a good price for the home.
Before making the offer, however, make sure there are no or are little repairs and renovations you will want to make to the house. If so, you will need to account for these adjustments in your budget and the price you can offer may differ with this in mind.
Once your offer has been accepted, there are 3 things that will need to happen before you can close on the home. They are:
The first step requires you to find and hire an inspector to double check that the home is in good condition. This may seem tedious, but it is important to make sure you are not being ripped off by the current homeowners, or be faced withunexpected issues soon after purchasing.
Once you’ve received the home inspection, our team will order an appraisal for you. This is to make sure you don’t pay more for the home than it’s worth. A typical appraisal costs a few hundred dollars, so be sure to add this to your budget for closing costs.
While the previous two steps are happening, our team will work on underwriting your home loan, which means we will verify your financial status in order to give you loan final approval.
For most, this is the best step. After going through the lengthy process of finding a home and applying for financial assistance, you will finally get to sign and officiate your ownership. Before making it official, Insight Team member will walk you through the Closing Disclosure document and double check that all of details in your loan look correct. You will also need to do a final walk-through of the house to ensure that everything looks good before closing.
At closing, you will need to provide the following documents
After you’ve closed on your home and moved your belongings in, you can finally get settled and choose a monthly plan for paying your mortgage on time. Whether you choose a 15- or 30- year loan, your mortgage statements will clearly show where your monthly payments are going, how much they are, and when they are due.
In the instance that you miss a mortgage payment, you can always contact our team and we will work with you to create a new payment plan, if necessary. If this happens, contact your lender right away to discuss options.