Loan Steps
If you know what to expect and have a trusted team of real estate and mortgage lending professionals, finding and financing your home will be exciting and rewarding. Here are the basic steps:
Obtain a Mortgage Preapproval
a preapproval is an important first step. The pre-approval process is a simple look at income, assets, and liabilities by a mortgage lender, like Capital M Lending. Having a pre-approval will identify your price range as well as strengthen your bargaining position with sellers.
Find the Right Realtor
select a reputable real estate agent who will listen to your needs and make you feel comfortable. We suggest getting a recommendation from someone you trust such as your mortgage lender, friends or family members.
Find your home and make an offer
your real estate agent will help you find a home, as well as present your offer to the sellers agent. The seller will either accept, counter or reject your offer.
Home inspection
once an offer is accepted, you realtor will recommend a home inspection. This is your opportunity for an in-depth look at the systems of the house. The goal is to reveal to you, the buyer, any safety hazards or concerns and to give you a chance to reconsider the home purchase.
Appraisal
Once you are satisfied with your home inspection the home will be appraised. The appraisal is generally required for the mortgage and provides a formal written estimate of the home’s current market value.
Final Loan Approval
final loan documentation of your income, assets and other loan information is required and returned to your mortgage lender for the final loan approval.
Sign Loan papers
After the final loan approval is received your loan documents are prepared for signing. Typically signing occurs in the title and escrow office a couple of days before the actual close date.
Close on Property
After signing, the loan documents are reviewed one final time by the lender and then funding/recording occurs on the agreed upon close date. Ownership of the property is now transferred from the seller to you…the new home owner.
Capital M Lending is dedicated and excited to work with you on your next real estate transaction. Whether you are buying your first home, second home, investment property or vacation property we can guide you through the home buying process with expertise.
