Many homebuyers will put off the home search out of fear and intimidation of the process. There is a lot of misinformation out there and, yes, even some scary stories of home-buying transactions gone awry. At Premier Mortgage Resources (PMR), we’re changing that.
We’re on your side and here to go through the entire process with you from the initial conversation about your future financial goals, and all the way through to every real estate transaction throughout your lifetime.
If you’re just beginning to think about homeownership, congrats! You’ve already taken the first step. Let’s talk about what’s next.
- Before applying: If you’re ready to purchase real estate, you’ll want to get pre-qualified. This can be a quick process that will help you determine your budget, and how much you’re qualified to borrow. Your lender will conduct an assessment of your financial health and guide you accordingly. This can be done by phone, in-person or online.
- Applying for a loan: Your lender will help you gather important documents like pay stubs, bank statements and asset verification.
- Loan application processing: Once all of the important documents are curated, your loan processor will review everything to ensure accuracy. If anything is missing, your lender will help you gather what is needed. Next, it goes to the underwriter!
- Review from underwriter: At this step, the underwriter will go through your entire loan package with a fine-toothed comb. All documentation, employment information, credit and disclosures will be analyzed to be sure all contingencies have been met and that you have a pathway to closing on your loan.
- Closing time: You made it! This is the last step in the process, and the most exciting. Once you’re cleared to close, you will get all of your closing details such as costs and loan terms. Documents will be signed to officially transfer ownership of the house from the sellers to you and you are officially considered the homeowner!
If you’re ready to get started on your journey to homeownership, don’t hesitate to reach out to us! Our team is here to help make your experience an exceptional one.