Platinum Experience

We have prepared a series of short, two-minute videos to help you learn what to expect during the home loan process. Each video also has a corresponding infographic

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What to Expect for a Quick and Easy Home Loan Process


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What to Expect
Communication
Platinum mortgage consultants and their staff provide communication and expertise to ensure a quick, easy and stress free home loan process. Throughout the process Platinum mortgage consultants work in your best interest.

Documentation
When borrowers are prepared with the proper documentation, the home loan process is smooth and delays are avoided. From start to finish Platinum Home Mortgage has some of the fastest closing times in the Industry.
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The Steps

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.

Loan Processing
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.

Loan Underwriting
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!

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The Pre-Approval
Time To Prepare
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.

Faster Closings
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.

Easier Process
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.

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Questions to Expect During the Home Loan Process


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The Questions
Understanding Your Experience With The 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?


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The Documents
Purchase Contract

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.



Income

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.


Assets

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.


Expenses

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.


Past Bankruptcy

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.


Veterans

If you are not a U.S. citizen, provide a copy of a valid government-issued EAD card and Social Security card.


Non-U.S. Citizens

If you are a Veteran, provide a copy of your DD214 Form.


The Difference Between Home Inspection and Home Appraisal


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The Inspection & Appraisal
Home inspector looks at major home systems to find material defects:

Roofing

Flooring

Windows

Plumbing

Electrical


The certified home appraiser will:

Take measurements

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.