Prior to embarking on your property search and viewings, you will need to be pre-approved or have commitment for a home loan/mortgage. If you will be paying cash, you will need to be prepared to provide proof of assets. Ultimately, you will need to provide sellers with full written documentation verifying your ability to purchase.
Not all loan originators are equal and they do not owe fiduciary duties to the borrower. Our firm can recommend loan originators that have provided good service to our clients and as always, you may seek recommendations from family and friends.
- Basic credit report pulled
- General discussion of income and debts
- Lender provides a verbal or written "ball-park" figure
- Loan application made
- Tri-merged credit report pulled
- Income and debt statements collected/reviewed
- Lender submits details to automated underwriting
- All pre-approval steps taken, application paid for
- Financial details and employment verified
- "Clear to close" granted
Within a predetermined time frame, a written mortgage commitment can be expected from the lender. If extra time is required, a written extension can be requested. The seller will decide whether to grant the additional time or not, depending on the current circumstances.