Assuming all of the above went to plan and you’re ready to make your move, it’s time to plan the financing! OK, we get excited about these things, but we don’t necessarily expect you to—that’s why TexasLending.com makes this process seamless and fast.
We’ll start by conducting an appraisal of the home. A professional appraiser will visit your prospective home and inspect the size, condition, function, and quality of the home. The appraiser will then compare the home to similar homes in the area that have recently been sold to determine a fair market value. The appraiser will provide an opinion of value in the final appraisal report we give to you, along with other data and research used to estimate the value of the home.
Details and additional info
While the appraisal is happening, we order the following items for you to speed things along:
- Wiring instructions for when the loan has closed
- An insured closing letter
- A termite inspection (if applicable)
- Title to the property
- A survey (if applicable)
We’ll also order verification of employment, verify the funds to close the home, and any rent/mortgage history over the last 12 months.
Tip: Try to avoid any behavior that might affect your credit at this time like applying for a new credit card, applying for a different loan, etc.
We will also receive further documentation to update any pending questions (divorce decrees, etc.) while taxes are certified for the proper amount for the property with the title company.
At this point, two more things need to happen:
- The homebuyer needs to obtain an insurance quote that is typically paid when the loan closes. The Mortgagee clause (A property insurance provision granting special protection for the interest of the financial institution) is sent to the insurance company.
- A declaration page is produced and the realtor/title company/builder needs to transfer information about any homeowners association or condo dues to the mortgage company.
Whew—almost done with the loan processing!
All the information listed above is sent to TexasLending.com. The loan consultant and our processing department review this info to confirm it matches the loan application, to confirm it will meet the guidelines of the loan program, and to determine if more documentation is required. Any necessary changes to the documentation that require attention are relayed to the homebuyer, buyer’s agent, builder, seller’s agent, client, landlord, title company, employer, surveyor, termite company, bank, etc., when applicable.
When these conditions clear, the loan is sent to underwriting for approval through our secure documentation portal.
As you can see by now, it’s a complex process with a lot of dotted “i’s” and crossed “t’s.” The great part about working with TexasLending
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