Buying a New Home
Some of the nation's most respected mortgage lenders have preferred relationships with Towerview Homes. Our mortgage partners will provide you with individualized mortgage options that allow qualified buyers to select the mortgage that fits their needs. Step-by-Step Explanation of the Home Mortgage Process
Step 1: Pre-Qualification
Before the actual home loan process begins, we gather information about your income and debts and figure out how much you can afford to borrow. There are many different programs available, which can result in different pre-qualification loan amounts. We'll help you pick the ones that best fit your situation. We will also order a credit report and run your home loan through an automated underwriting system.
Step 2: Loan Application
Once you're pre-qualified we will prepare a formal loan application, verify employment, income, bank deposits, and gather any other documents needed for processing. This process may be done face-to-face with your mortgage loan consultant, via mail or electronically.
Step 3: Processing
We review your credit report and verify your debts and payment histories. If there are late payments, collections for judgments or other concerns, we get a written explanation from you, which may clear up any of these types of issues. We order a property appraisal and review for value. Title and homeowner's insurance is ordered. A complete package is put together for final approval.
Step 4: Underwriting
Underwriting is where we make sure your home loan package meets all lender requirements. At this point we have gathered most of the information an underwriter may need but there will be additional questions and it is important that any requests to answer any outstanding issues are addressed quickly.
Step 5: Pre-Closing
Your home loan has been cleared through underwriting and is being prepared to move to our closing team. Before this can happen, we must meet the requirements of Fannie Mae’s "Loan Quality Initiative" (LQI). You can expect to have a Gap Credit Report generated within 7 days of your scheduled closing date. This policy applies to all loan types. The Gap Credit Report will not disclose new credit scores to the Lender however it will show any new debts, credit inquiries or increased balances/payments on current debt. If any new and/or additional debt or obligations are identified prior to closing, the loan may be re-underwritten to determine if the loan qualifications are still met. A final confirmation of employment is also completed within 10 days of your closing date.
Step 6: Closing
Your home loan has been cleared for closing, the package completed and a closing date and time are scheduled. Construction of your home is complete. The closing typically takes place at the closing attorney's office, or the title or escrow company.