RHawaii Home Loan Process - Find the Right Mortgage in Hawaii
Hawaii Home Loan Process
The Mortgage Process
The Mortgage Process
Step 1.
Determine the amount you can qualify for (pre-qualify):
This is determined by your gross monthly income and your minimum
monthly debt. These figures will give the borrower a ceiling
price for their mortgage loan. If you have this figure, it will
help you in the search for the perfect property within your price
range.
Step 2.
Apply for a mortgage loan:
Based on the information you provided and the results from your
prequalification you can now sit down with the loan officer to find the best programs that fit your needs.
There are hundreds of programs available and each program has
certain requirements. Your loan officer will explain each program and with your input and guidance you will both select a loan that is best fitted for your needs. You will need to provide to the loan officer the following items:
Two years tax returns
Three months bank statements,
One month pay statements and if available statements for 401K
mutual funds or similar items.
You now have an idea of the amount you qualify for and what your
monthly payments will be. The next step in working with a Realtor in order to find the property. We suggest working with a Realtor because they are familiar with the market, laws and may suggest purchase possibilities you may not be aware of.
If you need assistance in finding a Realtor please feel free to ask your loan officer. As it is to have your own attorney in court, having your own Realtor is always suggested. Your Realtor will represent you in the transaction and is paid from the sale of the property. Most of the time the
loan officer is your first
contact and can refer a Realtor that best fits your needs and loan program you have applied for.
Step 4.
The Mortgage Approval:
You have found your dream home and now the process of getting
your loan starts. Because you are now entered into a contract
there are timelines that need to be followed. It is the job of your
loan officer and your Realtor to follow the timeline and make this a smooth transaction, however, as needed you may have to provide further information such as financials. The loan you have applied for is now in the process of being
finalized by the lending institution. If for some reason your loan
is not approved for the program you discussed with your loan
officer he will suggest based on the underwriting findings
which programs you have been approved on.
Step 5.
Mortgage Signing:
Congratulations, Your Mortgage Has Been Approved! You will be
contacted by your loan officer or Realtor for the time and date
you will sign your documents. Once you sign your mortgage
documents the lender will review any outstanding conditions and if every
condition has been satisfied they will transfer the funds to your
escrow account. If there is a down payment or closing costs
payment that needs to be made by you prior to the lenders funds transfer.
Once escrow has verified all funds they will record your property in YOUR NAME.
CONGRATULATIONS - You're a New Home Buyer!
If you wish to have a consultant contact you regarding a mortgage , simply fill out our inquiry form for Online Mortgage Advice and one of our consultants will contact you within 24 hours, or you can directly use our
Online Home Loan Finder.
