| The following outlines the Buyer Timeline in more detail … | The following outlines the Loan Process in more detail … |
| I. Communicate with Agent (2-4 days and ongoing) | I. Pre-Qualify Yourself (1 day) – calculator |
| 1. Priorities | II. Shopping Process and Variables (2-10 days) |
| 2. Reasons for Priorities | 1. Principles of Rate, Closing Costs & PMI – video |
| 3. Long Term Timeline | 2. Available Loan Product Options – options |
| 4. Short Term Timeline | 3. Competency & Knowledge – license check – resume – BBB |
| 5. Cross Check Buyer’s Interests with Financing | 4. Service |
| II. Searching (1 days to 18 months) | 5. Empowering the Client – video |
| 1. Home Buyers Scouting Report® (HBSR) – video | 6. Locking vs. Floating – video |
| 2. Study the Market – resources | 7. Bank vs. Broker vs. Correspondent – audio |
| a. Neighborhoods | III. Pre-Approval Process (1-4 days) |
| b. Schools | 1. Apply – secure online application |
| c. Places of worship | 2. Submitting Needed Paperwork – checklist |
| d. Value trends | 3. Meeting – contact us |
| e. Distressed housing data | 4. Signing Lending Disclosures – lending disclosures |
| f. Public records | 5. Paying for Appraisal – audio |
| g. HOA’s | IV. Preliminary Processing (7 days) |
| h. Drive by’s | 1. Initial Quality Control – video |
| 3. Revisit Step 1 and Refine Search | 2. 3rd Party Reports –audio |
| III. Schedule Showings (30-90 days) | 3. Reconciling Income and Assets – audio |
| IV. Write Offer & Negotiate Contract (1-5 days) | 4. Submit to Underwriting – audio |
| 1. Loan Shopping Ends Here | V. Preliminary Underwriting (1-4 days) |
| 2. Construct Contract | 1. Reconcile Loan with Lender and Insurer Guidelines – audio |
| 3. Negotiate Contract | 2. Issues Conditional Loan Approval – audio |
| 4. Inspection Contingency | VI. Final Processing (1-7 days) |
| a. Potential Contract Amendments & Renegotiation | 1. Collection of Final Loan Conditions – audio |
| 5. Financing Contingency | 2. Clearing of final Loan Conditions – audio |
| V. Final Walk Through | 3. Submission for Final Underwriting |
| VII. Final underwriting (2-4 days) | |
| 1. Clear conditions | |
| 2. Final QC – audio | |
| 3. Issue “Clear to Close” or Final Loan Commitment – audio | |
| VIII. Pre-Funding (2-4 days) | |
| 1. Prep Closing Docs and Closing Instructions – audio | |
| 2. Reconcile and Approve HUD1 with Title Company – audio | |
| IX. Closing (1 days) | |
| 1. Execute Contracts | |
| 2. Execute Final Disclosures | |
| 3. Disburse Funds |
Contact us with any questions on this process and timeline!
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- Principles of Locking or Floating Your Mortgage Rate
- Tell a Veteran to Miss a Payment to Qualify for a Short Sale and You May be Up Against the CFPB
- The Only 10 Reasons a Lender Needs Tax Returns for a Fannie Mae Mortgage
- Different Mortgage Types and What They Mean to Buyers and Sellers in a Competitive Market
- You’re A First Time Homebuyer? So What!
