| Unless the home is paid fully in cash, then there is | | | | know if they should take their home off the market |
| probably a financial block that you must have to pass. | | | | or not. |
| Usually, the process gives the buyer a certain time | | | | The internet can easily provide you with links to |
| period to get financial help. Most of the time, the | | | | Mortgage calculators, so you can see what you can |
| buyer will have a total of 35 days for financial help. | | | | afford and exactly how much money you will get. |
| Five days to apply for the loan and 30 days to get it | | | | But, it is better to meet with a Mortgage Broker, |
| approved. Even though the time period is short, you | | | | Loan Officer, Bank, or Lender. They will give you the |
| must think of it from a seller's point of view. They | | | | best information which on which loan is the best for |
| are taking the property off the market just for you, | | | | you. |
| so you better be able to pay for the property. In | | | | Among the following is a list of items you should |
| this time, they could have gotten other lucrative | | | | bring to your meeting. Keep in mind; it can change |
| offers, so the seller cannot afford to wait too long. | | | | depending on your loan program. The list includes: |
| If the contract is depending on the financial aid, then | | | | * Copies of your paycheck or paycheck stubs that |
| the seller needs to know the status quick. The | | | | are within the last 60 days. |
| sooner the buyer can pay, the sooner the property | | | | * Copies of your W-2's and/or 1099's that are within |
| is theirs to own. But, the sooner the seller finds out | | | | the past two years. |
| that the buyer does not have the financial credentials | | | | * Copies of your Business and/or Personal Tax |
| to purchase the home, and cannot get approved for | | | | Return in the last two years which have been signed |
| a loan, and then the sooner they can put the | | | | and completed. |
| property back on the market. One requirement for | | | | * Copies of Bank Statements within the last few |
| most lenders is to go through the appraised process. | | | | months that have been completed |
| But, all appraised processes do not depend on the | | | | * An Original Gift Letter and the documents and the |
| property. | | | | documents associated with fund transfers for cash |
| Usually, the appraisal will be greater than or equal to | | | | gifts that have been received regardless of whether |
| the price of the property. But, when the buyer | | | | the gifted funds are part of the purchase or not. |
| makes a down payment of 31 percent or higher, | | | | * A copy of Fully Executed Signed Purchas |
| then the lender will be approved even if the amount | | | | Agreement and any Addendums. |
| is not as much as the amount stated on the | | | | * A check for the Application Fee |
| contract. | | | | * Your Homeowner/Hazard Insurance Agent's name, |
| After the lender has scrutinized all of the documents | | | | phone, and your premium amount. |
| regarding the loan, then the loan will be cleared to | | | | * A copy of a Recorded Warranty Deed for the |
| close. In other words, if all of the financial conditions | | | | current property owned and to be sold. |
| are met, the loan will be approved. Usually, the lender | | | | * A Copy of the Certified Survey for the current |
| will transfer the funs on the day that the loan is | | | | property owned and to be sold; |
| closed. Before the closing, a statement which is | | | | * A copy of the existing Title Policy that is for the |
| known as HUD-1 is reviewed by both parties: the | | | | current property owned and to be sold. |
| buyer and the seller. It simply has all of the financial | | | | * Copies of signed current lease(s), Driver's |
| terms, amounts, and conditions. | | | | License(s), Social Security Card(s), and Green Card(s) |
| Before closing, an experienced professional from a | | | | * Copies of complete Investment Account |
| real estate team will scrutinize the closing statement | | | | statements; Copies of complete investment account |
| to ensure that it is fully accurate. We guarantee that | | | | statements, and copies of your most recent loans |
| we will always guide both the buyer and seller with | | | | and leases. |
| their closing statement. That way, there will not be | | | | Shopping for homes will be much easier once you |
| any unexpected surprised that can end the closing of | | | | have been pre-approved for a loan. You will be more |
| the loan. | | | | confident when making your offer because you will |
| Financing a Property Requires Many Needed Steps | | | | know how much you will have to pay monthly. |
| There are many different ways to handle the buying | | | | Once you have applied, all of the documents that the |
| process and financial relief. Majority of the sellers will | | | | lenders give will be sent to you. You will receive a |
| ask to see a pre-approval accompany on all offers | | | | Good Faith Estimate, also known as GFE, which is |
| for their property. For that reason, it is smart to | | | | one of the most important documents. The |
| apply for a loan before you buy the home. This step | | | | document estimates all of the final costs regarding |
| will help you with your financial understanding. | | | | your loan. The GFE will also provide you with more |
| Many times, the buyers' agents will request to see a | | | | estimates pertaining to your annual, monthly, and |
| mortgage loan pre-approval. That shows the real | | | | other interest payments regarding your loan. |
| estate agent that you are seriously considering | | | | Please do not be shy and contact us. We are always |
| purchasing the property. Also, most of the sellers will | | | | here to give you more information and answer your |
| ask the buyer to show proof of funds, so they | | | | questions about the process of home buying. |