5 + 1 Steps for a Great Home Loan
- First Meeting: Bring your goals and your worries and leave with a clear path to your home purchase or refinance. We give an overview of the process and go over income, credit, debts, and sources of down-payment.
- Find the best program for your scenario and goal: We have many programs including a Zero Downpayment (FHA or Conventional), FHA low FICO score 580+, Jumbo Loans up to $3,000,000, FHA 203k Fixer Upper Loan, and many other programs. We will select a few and let you decide what is best for your family.
- Look for the house. I recommend having a Real Estate Professional helping you find the house and negotiate the offer. Depending on the property we may have to adjust the loan program from FHA to Conventional of vice versa. You should drive by the neighborhoods, research the schools, the parks, the bike paths, and the commute time, visit some open houses. After a while, you will have a good feeling of what you want, for what you can afford and make an educated decision that you will be proud of.
- Negotiate the offer: This is a tense moment for everybody. You are competing for a house and your financing has to look perfect. It is important that we keep a close attention to the negotiation so we can make sure the listing agent knows that you are pre-approved and that the loan will close on time. We prepare a thorough pre-approval package that includes an AUS loan approval, and a detailed pre-approval letter. Additionally, we call the listing agent to add strength to your pre-approval.
- Process the loan and fund: The processing requires a very efficient team of processors and assistants, and we have it. For the client, it is just about updating the documentation and signing. Underwriting should be a breeze with the thorough pre-approval we do.
- The 6th step is to keep updated with the home financing and investment opportunities. We monitor the loans in case there is something better for the client. We are always available to answer the client’s, client’s financial planner, CPA, friends and family questions regarding the current mortgage, new homes, and probable investment.