Congratulations on taking the next step towards homeownership! If you’re watching this video, you’ve likely embarked on an exciting journey towards purchasing your dream home. Today, let’s explore the Mortgage Onboarding Process, a crucial phase where we receive the contract from your realtor and set up your file for the mortgage process.
First and foremost, have you paid your earnest deposit yet? Your contract specifies the amount, recipient, and payment details for this deposit. Ensuring timely payment from the correct bank account is essential, as we’re obligated to source your funds meticulously. Be prepared to provide transaction records and, if necessary, a cancelled check for verification.
When your realtor submits the contract, our team meticulously reviews each page to ensure alignment with your loan requirements and the real estate agreement. We verify crucial details such as the property address, purchase price, earnest deposit, and closing date. Additionally, we assess property taxes, estimate new tax figures, and scrutinize contract provisions like seller concessions, survey, and title requirements.
Following this thorough review, we finalize the loan structure, exploring the best available interest rates and discussing whether to lock in the rate or opt for a floating rate based on prevailing market conditions. We also obtain title and insurance fee quotes, meticulously double-checking all estimates. Once everything is in order, we dispatch your disclosures through a secure electronic document service.
Upon receiving your disclosures, we schedule a detailed review session, focusing particularly on the loan estimate, a crucial document outlining anticipated expenses throughout the loan process. It’s important to note that you’ll encounter these documents repeatedly until the closing day. Any significant changes or developments necessitate updated paperwork for your review and signature.
Your signature on these documents signifies acknowledgment of information provided and grants us permission to liaise with relevant parties on your behalf. While many documents serve as previews and won’t be finalized until the closing, each signature underscores your continued commitment to the loan process.
With disclosures signed, we proceed to the next steps, including ordering the appraisal and initiating title work. In most cases, the only upfront payment required from your end is for the appraisal. However, if you’re purchasing a manufactured home, an engineer inspection fee may also be necessary.
As we progress through the onboarding phase, rest assured that our team is diligently coordinating various aspects of the mortgage process, ensuring a smooth transition towards homeownership.
