Financing Your Home
Meet with Your Mortgage Consultant
An experienced mortgage consultant can get you started by asking and answering questions about your specific financing needs. Your mortgage consultant can then advise you on your financing options.
Applications & Documentation
Completing the loan application and submitting all required documentation will be easier and faster if you are working with a knowledgeable mortgage consultant.
Appraisal & Inspection
Your Platinum team will order your appraisal and it’s time for you to order your home inspection.
Your loan processor will review all the necessary documents. They will also do a final review of your application, documentation and title report before sending it to the underwriter.
Because underwriting reviews your application and documentation and renders a final decision, this step can seem scary, but it shouldn’t be. Our experienced team can help insure smooth sailing through underwriting. *Additional conditions may be required.
Final Loan Documents
Once your loan is approved, our Closing Department will prepare final documents for signing. There is a 3-day waiting period once your Closing Disclosure is received. Once these documents are signed, the home loan process is complete. Congratulations!
How a Mortgage Pre-Approval Benefits You
Pre-Approval gives a buyer time to evaluate financing options available and decide on the best solution, as well as put in place a budget for new home ownership.
Strength To Negotiate
A buyer with pre-approved financing has increased power to negotiate an offer to purchase, because sellers and real estate professionals take those offers more seriously.
Closings can be written in a contract sooner because the pre-approval is in place. A quick closing is attractive to both the seller and real estate professionals involved.
The overall process is quicker, smoother and less stressful for all parties involved, because financing is done up front. Being prepared financially will allow you to concentrate on finding the right home.
Questions to Expect During the Home Loan Process
How familiar are you with the mortgage process?
Do you have any questions regarding financing?
Are you purchasing a new home or refinancing an existing home?
Understanding Your Background And Deadline For Purchasing
How long have you been looking for a home?
Do you currently rent or own?
Have you ever purchased a home before?
Have you ever co-signed for someone who has purchased a home?
Have you been prequalified for a home?
When do you anticipate having the initial investment available for your purchase?
Do you have a specific deadline for which you want to be in your new home?
Are you currently working with a real estate agent?
Understanding The Finances Of All Borrowers
Where do you currently work, and how long have you been with your current employer?
If less than two years in a current job, how many years in a previous job?
Are you paid hourly or by salary?
What are your monthly debt obligations?
What kind of savings and retirement funds does each borrower have?
Do you know your credit score? Would you like us to run your mortgage credit report today?
Have you had any foreclosures or bankruptcies in the last seven years?
Understanding The Reason Why Refinancing Makes Sense To You
What do you want to accomplish by refinancing: lower the rate, reduce the term, take cash out?
What was the original purchase price and in what year?
Based on sales in your neighborhood, what is the estimated current value of your home?
Have you refinanced your home before?
How much do you currently owe?
Have you had any late payments in the last two years?
What would the ideal timeframe be for you to refinance your home?
Document Requirements for Your Home Loan
A copy of the signed contract, addendums and riders. If you are purchasing a condo, you will need to provide the association contact and phone number.
Residency & Payment History
If you rent, you will need copies of your lease and 12 months of canceled checks showing rent payments
If you own, you need to provide information about your plans for the property. Will you be selling or renting?
f you will be selling your current home, you will need copies of these documents: listing agreement, sales contract and closing statement.
If you will be renting out your current home, you will need copies of these documents: lease, rent check and/or security deposit check.
Provide copies of one month of current paystubs, two most recent years of W-2s and federal tax returns. If you own a business, you may be required to provide additional income information.
NOTE: If you receive maintenance or child support that you plan on using as income for the loan, provide copies of the support order and divorce decree.
Provide copies of two most recent months of bank statements and all other asset accounts, including cash reserves, 401K, IRA, mutual funds, stocks and/or bonds.
Most accounts appear on your credit report, but be prepared with a current list and recent statements.
NOTE: If you have derogatory credit, letters of explanation and backup documentation supporting the circumstances may be required.
If you have a past bankruptcy and eligibility requirements are met, you will need a copy of the bankruptcy petition, list of creditors and discharge papers.
If you are not a U.S. citizen, provide a copy of a valid government-issued EAD card and Social Security card.
If you are a Veteran, provide a copy of your DD214 Form.
The Difference Between Home Inspection and Home Appraisal
The certified home appraiser will:
Note any remodeling that’s been done
Check the general health and safety of the property
Determine the condition of the property
The property is then compared to similar properties sold in the neighborhood to determine the final value.
The appraiser documents the property’s value in the Appraisal Report.