| The first thing you need to do is to talk with a | | | | with, the total estimated costs for closing and the |
| mortgage loan officer and see how much of a | | | | terms of your loan. We can go over this in |
| home you can afford. If you’ve never been | | | | person or I can send it out and we can go over |
| through this before, it sounds intimidating. | | | | everything over the phone. Either way, it’s |
| Don’t worry, it isn’t. Most of the process | | | | your choice. I will make sure that all your |
| can be done over the phone in a short | | | | documentation is up to date, and that your |
| conversation where I go over your financial | | | | package is complete. Then I order the appraisal |
| situation and short and long term goals. I take | | | | and any other specific things needed, and turn the |
| note of your income, debts and employment | | | | loan in for processing. My job is to make sure |
| history, your savings and what you are trying to | | | | your loan meets all the guidelines and will be |
| gain through buying a home. This first | | | | approved. My processor’s job is to double |
| conversation helps me to find not only how much | | | | check me, make sure that all the I’s are |
| of a loan you can qualify for, but what program | | | | dotted and T’s are crossed. At this point if |
| works best for you and your situation. | | | | there is anything missing from the file, she will let |
| Sometimes I see problems that will keep you | | | | you know what is needed. Once the appraisal is in |
| from buying now, or which would mean the cost | | | | and we have a complete package, the loan goes |
| would be higher. When this happens, my goal is to | | | | into underwriting for the final approval. |
| give you a road map on what you can do to fix | | | | The underwriter is the person who has the final |
| these problems so you will be able to buy a home | | | | say on your loan approval. Their job is to verify |
| in a way that works best for you. After initial | | | | that your situation meets all the guidelines of |
| pre-qualification, I will need to get documentation | | | | whatever loan you are applying for (FHA, |
| of your situation. This usually includes W2s, pay | | | | conventional or whatever) and that there are no |
| stubs and bank statement, possibly more | | | | unanswered questions. Underwriters are trained to |
| depending on your situation. I will then run your | | | | look for inconsistencies and problems that may lie |
| credit and put your loan through our automated | | | | below the surface. Some would call them |
| underwriting system. At this point I have a full | | | | professional nit pickers, they will require that |
| pre-approval, and know that you are well qualified | | | | everything fits together seamlessly. A good loan |
| to buy a home. You are now free to start looking | | | | officer anticipates what the underwriter will need, |
| for a new home. | | | | and takes care of any potential problems before |
| Once you’ve found your home and have a | | | | an underwriter ever sees the file. Once you have |
| contract, the mortgage process starts in earnest. | | | | a clear to close approval, break out the |
| It is my job to start things moving and coordinate | | | | Champaign, you are ready to close. |
| everything through the close. This usually takes | | | | The mortgage or Illinois Home Loans process |
| between 30 and 60 days from start to finish. I will | | | | doesn’t have to be hard. Find a good loan |
| need to get a signed application package from | | | | officer and they can guide you to a smooth |
| you, which will show the program you are going | | | | closing. |