1. CONTACT US—We will get income, credit, and asset information from you and then let you know what you are approved for. We will also provide homebuyer counseling and help you find a realtor in your area. There is NO CHARGE to you for this service or for the real estate agent's service.
2. SHOP FOR A HOME—Your realtor will find you properties specific to your needs and desires in the area you choose.
3. MAKE AN OFFER—Once you find a home that you would like to purchase, your realtor will negotiate a sales price and may ask the seller to pay closing costs. After the terms are acceptable to you and the seller, your agent will open escrow.
4. ESCROW—This is a neutral third party entity that makes sure that all terms of the contract are met before closing. They also hold the good faith deposit and work closely with us, your lender, and with the title company to ensure clear title to your new home.
5. LOAN PROCESS, APPRAISAL, AND HOMEOWNER'S INSURANCE—During the escrow period, we will order an appraisal to make sure that the value of the home is sufficient to cover our purchase price. It is also at this time when you will shop for your homeowner's insurance.
6. FORMAL LOAN APPROVAL & SIGNING LOAN DOCUMENTS—Once we have final loan approval, you will sign your final loan documents either with the escrow company or we will obtain a loan signing agent (they must be a notary public) for you. At this time, you will provide a cashiers check or bank wire to the escrow company for our closing.
7. CLOSE OF ESCROW—Once the loan documents are signed and the money has been received, the loan funds are ordered by escrow. After the loan funds are received, your escrow officer will contact the title company to record the grant deed and the deed of trust. Once these documents are recorded, escrow is officially closed and the home is yours!
(This is basic information for a purchase of a home on fee simple land. For purchases, refinances, rehabs, or construction loans,
the process will vary.)