When dealing with your home financing, we are not only working with one of your largest personal financial investments; we also are handling one of your biggest dreams. Since we work with matters so close to the heart, we serve you from ours. Our mortgage process outlined below may vary loan to loan depending on various factors.
This first touchpoint is critical and one that will establish the entire process going forward. You and your Trinity Oaks Loan Advisor will assess your credit, discuss expectations, and your best financing options.
You can submit an application so we can gather as much information up front about your financial standing. This will give our loan advisors a good footing for knowing which loan financing option is best as well as get the process started.
With a prequalification the lender performs a very basic review of your financial situation in order to tell you how much of a home loan you may be able to qualify for. Think of it as a free consultation between you and the loan officer.
A Pre-approval is a more in-depth process. Here, the lender verifies your income, debt level, credit score & other aspects of your financial situation to determine how much they are willing to give you a loan for.
Make a list of must haves, deal-breakers, and wish-list to help target your home search.
Perform general inspection. This is the time to reveal any issues or problems before you buy the property. Review the inspections, if there are any issues, this is the time to renegotiate with the seller or issue a request for repair.
Work with your agent to put together the offer and if need be, negotiate. Your agent or transaction coordinator will open the escrow and order title. Get an initial deposit to them.
You can submit an application so we can gather as much information up front about your financial standing. This will give our loan advisors a good footing for knowing which loan financing option is best as well as get the process started.
Once we have received your signed loan package and the initial documents that we have requested, our team will review these documents to make sure all information is valid. Once all information has been validated as true and correct, your loan will be submitted for final credit approval.
We will order your appraisal from a licensed appraiser and it will be reviewed by underwriting once it is completed. To comply with the Equal Credit Opportunity Act (ECOA), Regulation B, you must certify in writing you have received the appraisal at least three days prior to closing. If you do not respond in writing three days prior to closing, you cannot legally close until 3 days has elapsed.
Please secure homeowners insurance immediately. Our closing team needs this information at least 7 days prior to closing. Feel free to call or email us if you have any questions along the way. Please remember that we are never too busy to help.
Underwriting validates that all information provided to our team meets Trinity Oaks Mortgage underwriting criteria. As our underwriter reviews the paperwork, please be aware that further clarification or documentation may be required.
During this stage of the loan process, your loan may be approved conditionally. If this is the case, our underwriting team will be in touch to discuss the next steps and may request additional information to explain certain conditions pertaining to your loan.
Once your loan has been approved by our underwriting department, it is passed on to our closing department who will prepare your final loan documents for signing. A final breakdown of your cost to close will be sent to you prior to closing. This is called a closing disclosure. Please review the closing disclosure prior to closing day for accuracy.
Remove contract contingencies. Make sure your loan is firm and make final deposit. Loan advisor prepares and sends loan documents to escrow. Do the final home inspection and walk-through before closing.
On your closing day, you will need to block out a comfortable amount of time. While a closing can be accomplished over your lunch break, you will want to make sure you have plenty of time in case one of the key players for the signing is running late, any documents are flawed and might need changing, or last-minute questions arise.
Setting aside half of your day for your closing ensures that you aren’t rushed and feel comfortable when leaving the closing table. Be sure to double check your settlement statement for any errors prior to closing and check the numbers against your mortgage information.
