Why pre-approval?
We recommend all Buyers get pre-approved or fully underwritten before beginning their home search - knowing exactly how much you can comfortably spend on a home helps narrow the band of homes in your search. Having pre-approval documentation also provides assurance to Sellers that you are a serious Buyer, and helps present your offer in a more positive, competitive manner.
Funding Your Home Purchase
1. Financial pre-approval/underwriting (prior to offer submission)
- Application and interview
- Buyer provides pertinent documentation, including verification of assets and employment
- Credit check
2. Underwriting (prior to or after offer accepted)
- Loan package submitted to underwriter for approval
- Home appraisal
3. Loan approval
- Parties notified of approval
- Loan documents completed and sent to title (~7-8 days prior to COE)
4. Title company
- Title survey, insurance
- Borrowers (Buyers) sign loan documents (~4-5 days prior to COE)
5. Funding
- Lender reviews the loan package
- Funds wired to escrow (~1-2 days prior to COE)