Navigating Your New Homeownership Journey: What to Do After Your Loan Funds

Congratulations, your loan has just funded! The keys to your new home are within reach, but what’s next? Let’s navigate the post-loan process together.

1. Key Handover with Your Real Estate Agent:

The first step is getting those keys from your real estate agent. However, this can only happen once your loan officially records in the county, marking you as the proud homeowners of your new property.

2. Stay Informed through Emails and Mail:

After the joyous moment of becoming a homeowner, brace yourself for a flood of emails and solicitations. Since your home purchase is public record, the county will know about it, and you’ll receive various communications. Some may resemble legitimate bills, while others may be less clear. If you’re unsure, don’t hesitate to reach out for assistance in distinguishing between important documents and junk mail.

3. Loan Servicing and Mail Checks:

Check your mail to confirm if your loan is being serviced by another lender. While your loan may have originated with a specific lender, it could be sold to a loan servicing company responsible for collecting mortgage payments. These companies often act as debt collectors, reaching out for refinancing opportunities or other loan-related activities. If you’re uncertain about your loan terms or have questions, a call to your trusted advisor can provide clarity.

4. Supplemental Tax Bill Awareness:

Don’t forget to check your mail for the supplemental tax bill, a crucial document not included in your monthly mortgage payment. Unlike the annual tax bill covered by impound or escrow accounts, the supplemental tax bill addresses the lag time between the previous owner’s purchase price and yours. Be prepared for a one-time special assessment, divided into two payments. If you have any queries regarding this bill, reach out for guidance on where to find relevant information.

5. Share Your Experience:

As you settle into your new home, consider sharing your experience by writing a Google review for your advisor. They’re there to support you through every step of your home-buying journey, whether it’s your first home, an investment, or refinancing. Your feedback helps others discover the guidance they need.

Embarking on homeownership is a significant achievement, and understanding what comes next ensures a smoother transition into your new life chapter. Enjoy your new home! I am here for you now, and long after your home loan funds to guide you through lowering your rate, dropping PMI, accessing equity and buying more real estate.

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Prepare for Home Shopping Success: A Guide to the Pre-Approval Process

Congratulations! The journey to homeownership is an exciting one, and you’re about to embark on the first step – home shopping. But before you start envisioning your dream home, it’s crucial to line up your finances by obtaining a pre-approval. Here’s a comprehensive guide on the documents you need to provide to streamline the pre-approval process:

Required Documents for Pre-Approval:

• Last Two Years’ Tax Returns: Submit all pages in PDF format.
• Last Two Years W-2s or 1099 (if self-employed):
• Last Two Months’ Bank Statements: Ensure no alterations on any pages.
• Last 30 Days of Pay Stubs:
• Driver’s License:
• DD 214 (if a veteran):
• Mortgage Statement or Statements (for existing homeowners): Include homeowner’s insurance details for all properties if you own multiple.
• Social Security or Retirement Income Details (if retired):

Remember, all documents must be unaltered and include all pages.

Additional Documentation Based on Loan Type:

Depending on your loan type, additional documentation may be needed. For instance, if you’re self-employed and prefer not to use tax returns, 12 to 24 months of bank statements reflecting deposits can be submitted.

The Pre-Approval Process:

• Submission: Once you provide the necessary documents, the process typically takes one to two business days.
• Consultation: We’ll discuss your goals, desired monthly payment, and total out-of-pocket costs, including the down payment and closing costs.
• Credit, Debt, and Income Evaluation: Your credit score, debt, and income are critical factors in determining your pre-approval. This combination establishes the purchase price you can qualify for.
• Approval Duration: The pre-approval is generally valid for 90 to 120 days. Any changes to income or debt can be accommodated with timely notification. I do not have to run a new credit report, but will check in to make sure we still have the most updated information.

Staying Informed:

• Rate Changes: Keep in mind that rates fluctuate daily, Monday through Friday. Changes in the rate environment can impact your qualification, so staying informed is crucial.

Post-Pre-Approval:

• Documentation Updates: If you start shopping but delay entering escrow, your preapproval date can be adjusted without requiring new documents or credit checks, as long as there are no changes to income or debt.

Once pre-approved, you and your agent will receive a copy of the preapproval letter. This will be accompanied by an estimated breakdown of your monthly payment and total out-of-pocket costs, ensuring alignment with your financial goals.

Navigating the pre-approval process sets the foundation for a successful home buying journey. If you have any questions or need guidance along the way, don’t hesitate to reach out. Happy home shopping!

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