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HOMEOWNERSHIP

The Step-by-Step Process of Buying a New Home
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PREQUALIFY

The mortgage company will pull credit & obtain basic information to run debt ratios. Prequalification letter is sent to realtor/builder.

APPLICATION

Lender will obtain 2-year history for residence & employment. Documentation such as paystubs, W-2s, Federal Tax Returns, bank statements, etc., will be obtained and file is turned in to processing department.

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PROCESSING

Verifications of employment are completed, IRS transcripts are obtained, Social Security number verified, etc. Processor will ask for any additional documentation needed for underwriting.

UNDERWRITING

An underwriter will review your file & make a decision to approve or decline the loan. Underwriter will ask for conditions to be met for closing.

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PROCESSING

Processor will notify buyer of any underwriting conditions that are needed & collect these conditions for final approval.

UNDERWRITING

Processor submits loan to underwriting with conditions to clear the loan for closing.

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CLOSING

Closer will prepare final documents & send to title for signing.

TITLE COMPANY

Buyer signs paperwork.

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FUND & RECORD

Congratulations!

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