When you’re a homebuyer, whether it’s your first time or moving up or over, the process can be an overwhelming whirlwind of information and activity. But if you stay grounded and obtain as much knowledge as possible, you’ll feel in control and equipped to make the best decisions for your finances and your lifestyle. We make it easy and simple. We also deploy the most technologically advanced resources in the digital lending arena.
Of course, it’s not as easy as searching for your ideal house and buying it. Your available budget will be determined by multiple factors. Your credit score will dictate the interest rate you will qualify for on your mortgage and that rate will determine how much you’re paying for your house over the life of your mortgage. Determining how much home you can afford to buy while still being able to live and cover other expenses is a vital step.
OBTAIN BASIC INFORMATION
After you’ve discussed your lending options, our Employee Home Benefit™ Certified Partner Network Lender will let you know exactly what documentation is needed to proceed. These are documents such as paystubs, personal and business tax returns, credit report, etc. Then you simply complete the online loan application and once finished, they will then process an automated underwriting digital mortgage loan pre-approval for you, often within minutes of receiving your application.
HOME APPRAISAL & MORE DOCUMENTATION
If an appraisal is necessary, (many purchases or refinances with at least 20% down or 20-25% equity may not require one) we will order from a state-certified appraiser. We will use the assessment of your property to help underwrite your file. Your loan is then sent to our Processing Department where we will gather additional documentation from third parties, such as your insurance agent and employer to verify your information in the loan file. Once verified, the processor will send your file to one of our underwriters who will ensure your file is complete and add any documents or verify information, as necessary.
SET UP A CLOSING
After the underwriter approves the loan, we will schedule a closing during which you will sign all final paperwork to complete the loan transaction. The closing will be scheduled at a time and place convenient for you.
Many other lenders and banks still use dated, inefficient processes that simply cost you needless time, money and frustration. Employee Home Benefit™ Certified Partner Network have decades of experience that have helped refine the process to ensure a quick and smooth experience.
THINGS TO AVOID
Many home-owners and new home-buyers make the mistake of applying for new credit, depleting their cash reserves or rushing out to buy things to furnish their new home as soon as the seller accepts their purchase offer or the lender pre-approves their loan. But, there are still a few major hurdles to overcome before the keys are handed out.
Here are some things to avoid during the loan process to assure your transaction goes as smoothly as possible:
Don't Apply For New Credit
Don’t apply for new credit! Don’t have anyone check your credit except your Certified Partner Network Lender! Don’t make any expensive purchases! It may be tempting to order that new sofa for your soon-to-be living room and try to avoid making major purchases like furniture, cars, appliances, electronic equipment, or vacations until after closing. Purchasing with a store credit card or even one of your own credit cards could jeopardize your credit worthiness during the time it means the most. All of these points can affect your credit scores which in turn, can affect your rates and costs.
Income Change or Business Expansion
Call us before you make an income change or busines expansion so we can review how it may or may not affect your transaction. A new opportunity can be a great thing, especially if you are going to be making more money. But for some people, changes in employment or income during the purchase process could raise some concern and affect their application.
Don't Switch Banks Or Move Money
Don’t switch banks or move money around! As your Certified Partner Network Lender reviews your loan package, you will likely be asked to provide bank statements for the last three months on personal and business checking accounts, savings accounts, retirement accounts and other liquid assets. To eliminate potential fraud, most loans require a thorough paper trail to document the source of all funds being used for the transaction. Changing banks or transferring money to another account, even if its just to consolidate funds, could make it difficult or bothersome for you and the lender to document your funds.
MORTGAGE CALCULATOR
