• Scott Kepler

    NMLS #833792

    (813) 444-8537

    scott@scottkepler.com

  • Home Buying Process

     

    Buying a New Home

    Buying a new home can be an exciting but anxious at times as well. Educating and preparing yourself about home buying process is the most appropriate way to calm those nerves. Moreover, to do that, you do not have to look any further.

    We have broken down the loan process for homebuyers in order to help you prepare for one of the indispensible purchase of your life.

    Pre-qualification Letter:

    When working with your real estate agent to select your primary home, second home, or investment home, you must have a pre-qualification of you home loan for a real estate agent to make an offer on a home or property for you. It is imperative that you have a trustworthy and resourceful mortgage company like us to get you approved for a home purchase loan.

    Pre-Approval Letter:

    Not to be mistaken with a pre-qualification, a home loan pre-approval is a mortgage company's commitment to issue a home loan for a specific property. The letter is based on your employment status and history; if self-employed borrower – then based upon your declared income, credit score, and debt to income ration to determine the loan amount that you can qualify to purchase a home.

    1003 Loan Application:

    The first step towards being a homeowner is getting your home loan 1003 Uniform Residential Loan Application underway. A great homebuyer tip at this stage is to make sure you have your basic personal and financial information at hand when beginning your home loan application. Your credit score, current employment status, debt to income ration, and long-term financial goals will all be collected and discussed at this point in the mortgage process.

    Disclosures Forms:

    A mortgage loan application must be submitted with federal and state disclosures to protect the borrower. Each lender requires a slightly different set of mortgage disclosure but over all they are the same for each state. Please talk to your loan agent or loan officers and sign the disclosures so the lender can start processing your loan immediately. Without disclosures, your loan application is incomplete and no approval can be given without disclosures.

    Processing of Loan:

    This stage in the mortgage process will involve various documents, so please make sure you are prepared and as organized as possible coming into this step for the smoothest and quickest experience. While you may provide documents to your home loan expert at the beginning of mortgage processing, you may also be asked for additional information throughout any time during this stage, depending on your home loan type and financial situation.

    Documents Needed for Loan:

    Purchase Contract – Appraisal of the house -- if the house is old then house inspection report can be asked by a lender, Preliminary report of the house by escrow – seller's disclosures – Income Documentation – Paystubs -- employment Status – W2 – Self-employed borrower provide W2, company information, Tax ID – Bank Statements – Source of down payment. For borrower requesting stated income home loan require less documentation as compare to full documentation loans where you have to disclose all your income documentation with proof. However, for stated income loans interest rates are tend to be on the higher side as compared to the full income documentation loans.

    Underwriting of the Loan:

    During this mortgage process stage, someone known, as an "underwriter", working for the lender, will review your application to make sure that your home and property are in good condition and that you'll be able to repay your home loan. Each loan program and each lender has its own criteria and guidelines to underwrite the loan. If the loan papers are not in order, the underwriter may ask for further documentation as conditions of the loan. Underwriter has the authority to approve or reject the loan, but underwrite go follow the guidelines set by the loan to approve the loans.

    Closing of the Loan:

    The lender determines and finalizes the closing of the loan after all requirements and the loan conditions have met. The borrower, the title company, the sellers, your home loan expert and possibly your attorney will decide on a date to sign the loan papers since they all are involved in signing of the final loan closing documentations. At closing, you'll sign many documents again, which include but not limited to your mortgage note, Closing Disclosure, disclosure, and many more documentation in the presence of a notary public. Once complete, you'll be handed your keys and will have successfully become a homeowner!

  • See Our Helpful Documents Section For More Information