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Steps
To The Loan Process.
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Steps To The Real Estate Process.
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Call Your Lender. |
Call
Your Realtor.
(G.O. Homes Inc.)
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1.
COMPLETE MORTGAGE APPLICATION
CUSTOMER.
· Provide personal
Documents.
· Sign Mortgage
Documents. |
1.
GIVES NEEDS LIST TO REALTOR.
·
Provide pre-qualification letter from to Realtor
from Lender. |
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2.
CREDIT REPORTS ARE PULLED.
· Inconsistencies are
discussed.
· Debt ratios are
calculated. |
2.
CUSTOMER REVIEWS AND SELECTS
HOMES.
· Listings
Shown To Potential Buyer.
· Listings
e-mailed To Potential Buyer. |
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3.
LOAN PROGRAMS
DISCUSSED/SELECTED.
· “Good Faith
Estimate” prepared.
·
“Settlement And Procedures Booklet”
·
Possible Credit Repair.
·
Possible Lease Purchase. |
3.
AGENCY DISCUSSED AND SELECTED.
·
Buyer’s Agency (Realtor represents Buyer)
· Transaction
Broker (Buyer not represented)
· Dual Agency
(Agent represents Buyer &
Seller)
· Designated
Agency (Agents from same Co.) |
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4.
FILE SENT FOR PREQUALIFICATI0N
TO LENDERS.
·
Pre-qualification letter prepared.
·
Home search begins with Realtor. |
4.
HOUSE SHOWINGS
· Best times
are from Monday through
Thursday.
· Best times
are during the rain. |
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5.
SALES CONTRACT BECOMES BINDING.
· Earnest Money Paid. (typically
$500-$2500)
(Earnest Money
Due At time of offer.)
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5.
HOUSE SELECTED/ OFFER PREPARED.
· CMA
(comparable market analysis) prepared.
· Sellers
Property Disclosure Reviewed/Signed.
· Earnest
Money Pledged.
(typically$500-$2500)
(Earnest Money Due At time of offer.)
· Escrow form
prepared and signed.
· Buyer
responsible and for due-diligence. |
| 6. APPRAISAL ORDERED.
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7. TITLE SEARCH ORDERED
FILE SENT TO PROCESSING.
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6. OFFER ACCEPTED AND BECOMES A
BINDING CONTRACT/ OR COUNTER
OFFER .
· 6 hardcopy
contracts signed and delivered.
· Earnest
money deposited in escrow account.
· Contract
and earnest money delivered or
faxed to Loan Officer. |
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7. HOME INSPECTED BY INSPECTOR.
·
Home
Inspections are not mandatory
but highly recommended.
·
Customers/Clients can choose any Inspector.
Inspectors can be found in the local phone
directory.
·
Inspectors should be Licensed/Certified.
·
Inspectors should have a “lock box key” to
have access to the properties.
·
Inspectors should have a “Summery Page
Report” which only identifies the defects.
·
Inspections must be performed within the
time frame allotted by the contract, and done
in enough time for your Realtor to submit the
amendment requesting to fix the repairs.
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8. CLOSING SET UP
WITH CLOSING
ATTORNEY.
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| 9. FILE SENT TO UNDERWRITING. |
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10. UNDERWRITERS REQUEST POSSIBLE
ADDITIONAL INFORMATION
OR DOCUMENTATION. (“STIPS”)
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11. STIPULATIONS AND CONDITIONS
CLEARED AND SENT BACK TO THE
UNDERWRITER.
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8.
APPRAISAL OF THE HOME ORDERED.
(Typically $295-$395)
9. Review/Explain HUD Closing Details.
10. GO TO CLOSING. |
12. LOAN APPROVED AND
“CLEAR TO CLOSE” ISSUED BY
UNDERWRITER .
13. GO TO CLOSING.
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