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In order to process your home loan in the quickest manner, the following is a pre-determined template to make your experience more enjoyable and more efficient. We have indicated below who is also responsible for each action. Here is how it works:
L - means your lender will take care of this for you.
YOU - means you are responsible for this action item.
AGENT - means your realtor will handle this for you.
YOU & L – Meet or contact a lender by phone to get pre-qualified for a loan and find out how much you qualify to purchase.
YOU & AGENT – Meet and sign a contract making an offer to purchase a home.
YOU & L - Meet for your loan application. This step can be taken prior to finding a home and signing a contract, which is called a “pre-approval”.
YOU – Supply the lender with all documents requested at loan application or as quickly as possible.
L – Will order all other documents needed to obtain your loan approval, including credit report. The lender may also call you to confirm some of the information you have provided.
YOU & AGENT – order a home inspection and termite report & advise the lender if inspections are acceptable to you.
L -Will then order the appraisal to determine your home value.
YOU – obtain hazard/homeowner’s insurance.
AGENT or L – will order the title search using the title company of the seller’s choice.
L - Will advise you and the agents when the appraisal is received and if any repairs are required. Note: repairs may be required for FHA and VA loans.
AGENT – will coordinate between you and the seller the completion of required repairs and payment shall be made according to the contract. If repairs are not addressed in the contract, the agent will assist you and the seller in renegotiating the contract.
L – Will order the necessary follow up inspections to ensure that the appraisal repairs have been made.
L – Will complete all paperwork to ensure your complete and final loan approval is ready for closing.
L or AGENT – Will order the survey to determine the exact boundary lines of the property after your loan is approved and just prior to closing.
YOU – Need to make sure you have completed all paperwork for your homeowner’s/hazard insurance and lender has a copy prior to closing.
L – Will advise all parties that the approval, inspections, and survey are complete and the closing may be scheduled.
AGENT – will have the title company coordinate between, you, the seller, and the agents the best date and time for closing.
YOU – Will contact the utility companies and have the utilities placed in your name.
YOU – will need to bring a cashier’s check to the title company the day of closing for the funds needed to close, as well as photo identification.
YOU – Will sign all loan and closing documents and receive the keys to your new home.
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