Whether it’s your first mortgage or your fifth, we understand that purchasing a home can be an exciting, but stressful time. That’s why we have assembled a great team of experts to help you along the way. Our Employee Home Benefit U-CAN Preferred Partners are experienced professionals and experts in their field who will walk you through the process.
FOUR MAIN STEPS
There are four main steps involved in getting a mortgage loan. You’ll see that we’ve made your part in them as easy as possible, and our Member Home U-CAN Preferred Partners do all the work!
DETERMINE HOW MUCH MONEY YOU CAN BORROW
This is a function of a couple things. How much of a monthly payment can you afford? Given your unique credit and employment history, income and debt, and goals, how much can you borrow? The first part is getting a rough idea of what the number will look like by connecting with a Union Home U-CAN Preferred Lender. They’ll also help you through different scenarios by asking a few simple questions. Based on standard lending guidelines, you’ll get you a good idea of what kind of terms and loan program you can expect to benefit most from.
PRE-QUALIFY FOR YOUR LOAN
This is where the rubber meets the road and you save the most money. It’s time to complete the loan application. It couldn’t be easier and you can do it online, on your smart phone or on your laptop securely. You supply basic information about your employment, your assets, your residence history, and so on. If you don’t have a recent credit report, just give us your permission and they’ll pull one for you. After they review all this information, they’ll provide you with a Mortgage Pre-Approval Letter. Handle it with care — to a home seller, it’s like a suitcase full of cash!
GETTING THE FINAL LOAN APPROVAL
Once you’ve made an offer and it’s been accepted, your Union Home Plus U-CAN Preferred Lender will order an appraisal of your new home. Once all verifications are received and all lender loan approval conditions have been met, the loan documents are ordered and are readied to be sent to escrow for you to sign. There are always updated documents or even new requests that various banks and lenders will have – this is all part of the normal loan approval process. They will endeavor to anticipate what these items will be and as with every step of the process, we will keep you up to date as you proceed through the process.
YOUR LOAN IS FUNDED
Your Employee Home Benefit U-CAN Preferred Real Estate Agent and the sellers will work together to with an escrow/title company to handle the funding of your loan once it received final underwriting approved. They’ll coordinate with the escrow company to make sure all the paperwork is in order, and you’ll sign everything at the escrow/title company’s office. Or, as an added benefit, they’ll also send the notary right to your home or work, during or after hours, 7 days a week if need be!
You’ve answered a few simple questions, provided some detailed information, applied online, and next thing you know, you’re moving in! Employee Home Benefit and their U-CAN Preferred Partners are in the business of helping members save time, money and aggravation when it come to all your home needs. They do most of the work, so you don’t have to.
Employee Home Benefit – Your Way Home™
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.
Below 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 make an expensive purchase or apply for new credit!. 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, jewellery, or vacations until after the 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. Using cash to purchase big items can also create a problem because many banks take into consideration your cash reserve when approving your mortgage.
Job Changes
Call us before you make a job change so we can review how it may or may not affect your transaction. A new job can be a great thing, especially if you are going to be making more money. But for some people, getting a new job 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 Union Home Plus U-CAN Preferred Lender reviews your loan package, you will likely be asked to provide bank statements for the last two or three months on your 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 for the lender to document your funds.
Lender Requirements
Don’t disregard your Employee Home Benefit U-CAN Preferred Lender’s requirements. You may have been pre-approved for the loan but your work with the lender is not quite finished. In order to process your loan, you need to meet certain requirements. Your lender will need copies of your paystubs, bank statements, tax returns and other paperwork. It is up to you to get it to him or her as soon as possible. Failure to submit certain qualifying documents could cause delays in the entire process.
MORTGAGE CALCULATOR
