GET PRE-QUALIFIED
Getting pre-qualified** is the first and most important step in the home buying process. Reach out to your loan officer and have an introductory phone call to talk about your short and long term needs and goals, then use our Apply Now link to enter your loan application. Additionally, you will need to gather the documents listed on an Items Needed List provided by your loan officer (or you can view the lists on our site under the Documents Needed tab). Once all those items are received, the team will review your documentation and credit and give you a call back to review and issue your pre-qualification letter.
FIND A HOME
Finding a home is generally the most challenging, but with the right realtor, this can be a breeze! You will write an offer to purchase and may go back and forth with negotiations. Once you have agreed on terms, you will place a deposit on the contract, also known as Earnest Money. Earnest money will be held in escrow with the title company and will go towards your final cash to close at the time of settlement. Additionally, you will be asked to provide an Option Check. Both of these items are gestures of good faith to the seller that you are approved for home financing, and that you are serious about purchasing the home. The option money allows you a certain time frame (generally 7-10 days) to complete your due dilligence with home inspections and allows you rescind the contract for any reason. Once your inspections are complete, you can negotiate further for any repairs needed, and an amendment to the contract may be necessary.
PROCESSING
Once you are in contract, the team will begin processing your loan and completing third party verifications. This includes but is not limited verification of employment, rent, and tax return validation. Additionally, we will order the title work for your new property, the appraisal, and you will need to decide who your homeowners insurance provider will be. We may also need to update out of date documentation (everything needs to be within 30 days of closing) and will need to source your funds for closing.
UNDERWRITING
Underwriting is the final step of the check and balance system in approving a home loan. Although you have been pre-qualified, the underwriter will place their final stamp of approval on your loan and give the team the green light to move it to closing. They will also review the appraisal to ensure that there are no biases in the valuation and condition of the collateral. We may receive a clear to close right off the bat, or the underwriter may request additional documentation to support the file. Once we have all items required, we can submit for a clear to close and schedule settlement wiht the title company.
CLOSING
Closing prepares the final loan documents for you to sign and balances the final settlement statement that combines all parties fees and costs. Once the settlement statement is approved, the team will call you to go over it and make sure that you are comfortable with the final figures. We will schedule a time and date, if it hasn’t already been scheduled, for you to attend closing at the title company listed on the contract. You will need to bring your drivers license and either a cashier’s check or wire for the final amount of settlement costs listed on the statement.
FUNDING
Funding occurs when both you and the seller sign all paperwork and it is sent back to the lender to approve. This generally takes around forty-five minutes to one hour after all parties sign. Upon completion, you will receive the keys to your new home!
“As a business executive, it can be challenging for organizations to hold up to the level of standards that I require. With The Hargrave Group, this was not a problem. Erik’s due diligence, high level of integrity and his ability to agile, assisted my in closing my loan in record time. They delivered on everything they promised and it was a great pleasure to work with Erik and his group. His personal attention, expectation setting, and follow-up was very refreshing and I highly recommend Erik and The Hargrave Group.” – Chad and Shanna H. of Frisco, TX (via Facebook)
“As a business executive, it can be challenging for organizations to hold up to the level of standards that I require. With The Hargrave Group, this was not a problem. Erik’s due diligence, high level of integrity and his ability to agile, assisted my in closing my loan in record time. They delivered on everything they promised and it was a great pleasure to work with Erik and his group. His personal attention, expectation setting, and follow-up was very refreshing and I highly recommend Erik and The Hargrave Group.” – Chad and Shanna H. of Frisco, TX (via Facebook)
DOCUMENTS NEEDED
Click the links below to download or view all documents needed during the loan process.
