Mortgage Home Purchase Loans without the Hassle!
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- After securing a contract - Schedule call to answer all questions & finalize interest rate.
- Schedule call at https://go.oncehub.com/MikeDelPreto
- Complete home inspection.
- Single family & multi-unit properties: Best to complete inspection right away to ensure no deal breakers.
- Condos: usually do not have deal breakers however completion as soon as possible recommended.
- Receive 'Next Steps' email from team@delpretomortgage.com (referred to as Team Email below)
- Updated final figure est. worksheet attached with accurate final figure (save for reference closer to closing)
- Link provided to e-Sign disclosures in Fairway secure portal
- Appraisal fee paid via provided credit card link (if applicable)
- Team initiates loan setup tasks
- Appraisal ordered
- Verification of employment requested
- Verification of homeowners insurance requested
- For condos (To issue condo warranty prior to clear to close)
- Condo questionnaire completion requested
- Master insurance policy requested
- Team Processor provides list of personal documents and/or information needed from underwriter to issue clear to close
- Receive initial closing disclosure (ICD)
- One of our ICD specialists will compile the current estimated figures to e-sign for compliance reasons.
- Our lender figures are the only figures that are set. All other figures are still a work in progress and will be updated as the closing date approaches.
- Underwriter issues clear to close (AKA CTC)
- All parties notified of clear to close
- Guidance on funds to close and closing logistics provided
- Schedule call for two days before closing to review funds to close & final steps
- All parties notified of clear to close
- Closing scheduled at title company
- Calendar invite sent with closing location and time
- Fairway sends closing documents to title company
- Pre-closing call 2 days before closing to discuss the following:
- Final figure
- Getting funds to closing
- Signing closing documents
- Receive final figure estimate - (read below carefully and plan accordingly)
- Wire funds to close with a cushion to title company (May be able to use a cashier’s check depending on amount)
- *IMPORTANT WHEN SENDING WIRE: Due to email hacking and wire fraud wire instructions must be acquired from the title company. Best practice is calling the title company to request the wire instructions. Once received, call title company to have them read you wire instructions and confirm correct on your end.
- If closing time before 12pm, then send wire day before by your banks wire cutoff time (call bank ahead of time to check wire cutoff time)
- If closing time after 12pm, can send wire day before or first thing day of closing.
- All overage funds will be returned to you from title company at closing in the form of a cashier’s check
- Wire funds to close with a cushion to title company (May be able to use a cashier’s check depending on amount)
- E-Sign Closing Documents (if applicable)
- ‘eClose instructions’ email sent the day before closing to provide guidance on what to expect to complete.
- On the day of closing, documents can be e-signed on your laptop, tablet or smart phone.
- E-signed docs are available to review at the title company
- Sign closing documents at title company
- Loan funded - you now own the property!
- Homebot account created
- You’re provided a homeowner website that the Del Preto Mortgage Team has paid for to help our clients build wealth through the real estate they own. Homebot will send you a monthly digest unique to you.
- After securing a contract - Schedule call to answer all questions & finalize interest rate.
30 years
Do I Qualify?
To determine if you qualify, lenders review your total monthly debt (proposed housing payment + regular monthly debt) as a percentage of your total gross monthly income. The acceptable percentage (DTI) will vary depending upon the specific loan program for which you apply.
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