You’ve made the decision to purchase a new home, congratulations! Before you start your search however, it’s important to contact a mortgage professional.
Our lending partners at Synergy Home Mortgage will walk you through the home loan process, beginning with a discussion of your goals, as well as the down payment and monthly payment amounts you are comfortable with. They’ll review the available loan programs and products you may qualify for.
Your mortgage consultant will pre-qualify you based on a quick review of your debts and income, your assets and credit history. This pre-qualification can start in person, over the phone, or via an online application. At this time, they’ll be able to tell you how much loan you are most likely to qualify for and what loan program options are available. In a nutshell, a pre-qualification means that based on what you’ve communicated about your income and assets, you are pre-qualified for a loan. Many sellers want to see that you are pre-approved for a loan when submitting an offer on a home.
To get you a pre-approval, the team at Synergy will ask for documentation to support the information you initially provided. This includes items likes paystubs, W2s and bank statements. After a review of these documents, your mortgage consultant can provide you with a pre-approval letter.
With a pre-approval letter in hand, you have greater buyer power. You have the confidence in knowing the amount you’re able to offer, and sellers will know you are eligible to obtain a loan to purchase their home. You and your Dickson agent can head out and find you the home of your dreams.
After you have an approved offer on a home, you can “lock-in” your interest rate, meaning you will be protected against any rate increases before your closing. If you prefer, you can also “float” your interest rate until a few days before closing, but be aware that the rate may go up during this time.
Once you’re under contract an appraisal will be ordered to make sure the house is worth what you are paying for it. Your mortgage consultant will collect any remaining documentation that may be needed and will send your entire file to underwriting for a final review. During this time, you may also work with your agent to arrange a home inspection, coordinate your moving plans and prepare for your closing.
Your agent will work with your mortgage consultant and the title company to prepare everything that needs to be signed. You’ll go to the title company a few days before your closing to sign the loan documents. It usually takes a little less than an hour. Then, on the scheduled closing day, you’ll get the keys to your new home!
Ready to check out how much the monthly mortgage payments may be on the price range you’re interested in, or want to see how much you could qualify for based on your income? Check out the various mortgage calculators on Synergy Home Mortgage’s website.
Once you’ve been pre-approved for a home loan, the process can take a few weeks to find the home you want and about a month once you have an approved offer in on a house. During this time, there are a few things you want to make sure you don’t do.
Consult your mortgage consultant before doing any of the following:
© 2018 Synergy Home Mortgage, LLC. All Rights Reserved. This communication does not constitute a commitment to lend or the guarantee of a specified interest rate. All loan programs and availability of cash proceeds are subject to credit, underwriting and property approval. Programs, rates, terms and conditions are subject to change without notice. Other restrictions apply. 1100 Caughlin Crossing, Suite 1A, Reno, NV 89519. Corp NMLS#: 1593061 (www.nmlsconsumeraccess.org). Additional licenses available at www.synergyhm.com.