Start the loan process NOW  

Even if you think you are not ready. The best way get ready is to go for it with free professional advice. This costs you nothing and provides you with an enlightening and motivating experience. Call or E-Mail Mary Ann to discuss your overall financial and personal situation as you currently know it. 

Decision to Purchase home 

• Look at practical implication

  Do You have a burning desire and patience?

• What three areas would you like to live?

Becoming aware of your financial picture 

• Gather records for this year 

  Previous two year history 

  Tax returns for last two years. Three months bank statements (All Accounts) 

  Order up current credit report (and/or) give information to Mary Ann to get credit report. 

  Calculate how much down payment and closing costs you can afford or where they can come from (outside resources).

Self employed  

• Year to date: profit and loss 

  Documentation of all assets 

  1. Investment accounts 

     IRA's, Keogh's 

     Mutual funds 

     401-k's

Other documents 

• Completed divorce papers( agreements if applicable) 

  Completed bankruptcy (agreements if applicable)

Mary Ann will assist you in completing you loan application 

• Mary Ann develops the most favorable home financing program tailored to your needs and limitations as evaluated by your computed ratios. 

  Mary Ann begins the pre-qualification and disclosure process. 

  Your loan application is opened and submitted to a variety of programs that fit your situation.

  When you loan application is preapproved. You can go out shopping for a property knowing how much cash you have available to buy your home.

Finding the property 

• Begin shopping for your home(with loan process under way and with financial parameters of your budget known). 

  Use an experienced Realtor knowledgeable about your areas of interest. 

  If you are currently not working with a realtor, MA will refer you to an experienced Realtor in your area.

When property is found 

• Mary Ann and your Realtor will help you structure the an offer including price and conditions such as no money down and no closing costs. 

  The seller may counter your initial offer, at which time you may have to negotiate. 

  Offer is accepted or you find another property.

Going into escrow 

• You put your" good faith" money into a trust account through escrow. 

  Time of closing is determined. (30 days or 45 days is usual). 

  An appraisal of the property is done, fixing the value of the property according to the current market. 

  Termite inspection is done. 

  Title of you home researched including ownership, and other hidden encumbrances such as tax liens against the property. 

  All verifications are done at this time.

Underwriting 

• Underwriter verifies that all items have been completed properly and the guidelines of the investor or lender have been properly satisfied . This process can be frustrating since many of the conditions seem redundant and useless. Stick with it those because your almost there.

Signing 

• You sign the loan documents at the escrow office. All funds due at closing costs are paid at this time, either by seller and/or buyer.

Final Lender review 

• The signed documents are rechecked for proper documentation included and for proper endorsements.

Funding and recording 

• The lender funds the loan and the escrow company records your deed at the county recorder's office.

Congratulations!! You're a new home owner!