The following outlines the Buyers 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) |
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 | 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 (either face to face or via video conference) |
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 |
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