What Now?

Follow the Steps to Your New Home! What Do I Do Now? Now that we've looked at the way you qualify for a mortgage, and talked a little bit about credit & debt ratios, what is the next step? Well, now we need to get together at my office, or over the phone, & put together your information into my loan origination sytem for a PRE APPROVAL for your home. We enter everything just as if you'd already found a home, but we just put in PRE APPROVAL where the address of the property goes. Once we've done that, I'll copy your bank statements, paystubs, w-2's, and we'll see if there is anything else we need to do on your file before we submit it to my in-house underwriter, Patricia. If there are items that need to be dealt with, you & I will make a plan to do that. If there aren't any items needed, and your credit is good enough, we'll run your file through my automated underwriting system right there at my desk & see if we can get an approval. It only takes 5 minutes. If your file needs to be underwritten manually, by a live person, I'll take it right over to Becky & have her give us a determination. This usually takes about 24 hours, sometimes more & sometimes less, depending upon your situation. Once we do get an approval, I'll issue you a written commitment letter outlining the terms of your approval. We'll then hook you up with a local Realtor who is proficient in helping first time homebuyers and/or who is familiar with our ZERO DOWN programs. They will search the entire Albuquerque, or New Mexico, multilist system & give you a detailed list of homes in your price range that can be bought using one of our ZERO DOWN programs. Then it's up to you to pick out your home. Once you've agreed on a property & have an accepted purchase agreement, we'll lock in your interest rate, order the title work, and get an appraisal on the property. Once these items are received & approved, we will forward the title company a set of closing instructions & loan documents for you to go sign. This is called the "closing". You will usually have to bring a cashiers check for your closing costs ($100-$2000) made out to the title company. Once you sign the documents & give them your check, you get the keys & the house is yours. It is that simple. Why anyone would keep renting when they can own their own home is beyond me. Call your friends & tell them about this web site. Call me @ 505-249-4506 & lets get you started down the path towards building equity in your own home today!