Follow the Steps to Your New Home

1Prequalify:

1

Prequalify:

We prequalify you & review your credit report to ensure we are as accurate and helpful as possible

2Pre-processing:

2

Pre-processing:

Your mortgage originator requests all items from you and prepares files for mortgage loan preapproval

3Find a home:

3

Find a home:

Work with your Realtor to find your perfect home

4Contract:

4

Contract:

A signed sales contract between you and the seller is provided to the title company and our team

5Application:

5

Application:

Meet with your mortgage originator to complete and sign your loan application, initial disclosures and intent to proceed

6Processing:

6

Processing:

The processor receives and reviews documents. Appraisal, title, insurance, tax certificates and verifications are ordered. You need to order homeowners insurance.

7Inspection:

7

Inspection:

An inspector will inspect the property for structural, electrical and plumbing issues

8Appraisal:

8

Appraisal:

Once you've recieved your inspection report and have decided to move forward, our team will order an appraisal to determine the value of the home

9Underwriting:

9

Underwriting:

The processor turns in the completed file to review, to meet investor requirements. This usually takes 48-72 hours.

10Conditional Approval:

10

Conditional Approval:

The underwriter provides a list of closing conditions to us and the processor. We arrange for collection of closing conditions from all parties.

11Loan approved!

11

Loan approved!

12 Closing Department:

12

Closing Department:

The initial closing disclosure (CD) must be reviewed and received by the borrower at least 3 business days before signing

13Documents sent to title:

13

Documents sent to title:

Typically one day before signing

14Final walk through:

14

Final walk through:

Borrowers do a final walk through of the property to approve the home's condition prior to signing closing documents

15Title Company:

15

Title Company:

The title company compiles all paperwork and draws up documents to be signed by all parties

16Closing:

16

Closing:

Both you and the seller will be required to sign final documents and provide any outstanding documents requested by the closing team

17Funding:

17

Funding:

The title company requests funding and recording from the lender. Once that's complete, you take possession!

18Get your keys!

18

Get your keys!

Contact Finance of America

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