Thank you for the opportunity to assist you in acquiring a mortgage loan. Applying for a home mortgage is one of the biggest and most important financial steps you will take in your lifetime. The mortgage loan process can seem complex to many; LeaderOne wants to ensure you feel fully educated as you move through this process. Let this article serve as a personal resource that outlines the steps you will be taking with LeaderOne as you work towards your mortgage loan.
Please be sure to provide me the following documents:
• W2s (from the last 2 years)
• 1040 Federal Tax Returns (from the last 2 years)
• 2 most recent pay stubs
• 2 most recent bank statements (all pages)
• Copy of driver’s license
INFORMATION SENT TO YOUR REALTOR
I will send an email to your Realtor, explaining the program you are approved for, closing costs needed and any other details they may need to know.
SEARCH FOR YOUR NEW HOME
Purchase Agreement (PA), is written (including all contingencies)
• You may decide to have your agent write the offer contingent upon inspection. Typically, you as the buyer, have 5-7 days to remove any inspection contingencies. You will hire an inspector who works exclusively for you to inspect the overall condition of the property and give you a detailed report of the condition of the home. If you should decide that any inspected items needs to be replaced or repaired, you have the right to ask the seller to fix it, reduce the price or cancel the purchase agreement all together.
• You also have the option to make the offer contingent upon financing. If for any reason, financing falls through, you are able to get your earnest money back.
• If you decide the home is acceptable in it’s current condition, you may choose to remove the inspection contingency.
Purchase Agreement is accepted or rejected
• If your purchase agreement is accepted, you proceed to the financing step.
• If your purchase agreement is rejected, continue your search for finding a home.
(CLICK HERE to download the entire booklet “Your Guide to the Mortgage Loan Process”)