How To Get Into Your New Home
Buying a new home is one of the most important and exciting decisions of your life, but it can also be one of the most challenging – especially if you don’t know what to expect during the mortgage process. At Pacific Residential Mortgage, our knowledgeable Mortgage Bankers will guide you through the loan process to ensure you are comfortable and informed each step of the way.
Our 8 Step Home Loan Process
APPLY FOR A HOME LOAN
We thoroughly review your financial profile which includes your assets, income, credit, and property type. We will discuss financing options and determine a loan that’s suitable for your situation.
Once we have received all supporting documentation and your application is complete, we will assess your credit for pre-approval.
PROPERTY REVIEW FOR PURCHASE LOAN
After we receive a fully executed purchase and sale agreement, we will open an escrow account and request a title report. We will order an appraisal and a homeowner’s insurance binder once all inspections, contingencies, and repairs have been satisfied.
Your property documentation, and any other outstanding conditions, will be sent to underwriting for a credit decision. We may request additional documentation at this time.
Once all conditions are received and cleared by the underwriter, your loan documents will be prepared and delivered to the title company.
The escrow officer will then receive your loan documentation/instructions from the lender. This may take up to 48 hours to prepare and an escrow officer will contact you to sign.
The signed documents will be returned to the lender for review. Funds will be released to the title company for disbursement once all terms are met.
When all funds have been received and disbursed, the title company will record your new lien at the county — and you’re done. CONGRATULATIONS YOU’RE A HOMEOWNER!