Whether it’s your first mortgage or your fifth, we understand that purchasing a home can be an exciting, but stressful time. That’s why we have assembled a great team of experts to help you along the way. Our Union Home Mortgage Advisors, underwriters, transaction coordinators, and support staff are experienced professionals and experts in their field, and can walk you through the process. Want to know what to expect before you get started? We’ve compiled some great information to make the home buying process a little clearer. Still have questions? No problem, find your mortgage advisor here!
There are four main steps involved in getting a mortgage loan. You’ll see that we’ve made your part in them as easy as possible, and we do all the work! That’s what we’re here for.
Determine how much you can borrow
This is a function of a couple things. How much of a monthly payment can you afford? Given your unique credit and employment history, income and debt, and goals, how much can you borrow? The first part is getting a rough idea of what the number will look like by connecting with a Union Home Benefit Advisor. We’ll also help you through different scenarios by asking a few simple questions. Based on standard lender guidelines, we’ll get you a good idea of what kind of terms and loan program you can expect to benefit most from.
Pre-qualify for your loan and apply now! We make it easy
This is where the rubber meets the road and you save the most money. It’s time to complete the loan application. It couldn’t be easier and you can do it online, securely right on the Union Home Benefit website. You supply basic information about your employment, your assets, your residence history, and so on. If you don’t have a recent credit report, just give us your permission and we’ll pull one for you – for Free. After we review all this information we give you a Union Home Benefit Pre-Approval Letter. Handle it with care — to a home seller, it’s like a suitcase full of cash! Your Union Certified Reat Estate Broker will use your Pre-Approval Letter to make the best offer on the home you choose, and the seller knows you’re pre-qualified. It gives you buying clout! And while you’re picking out the home – the one that’s right for you – your Union Home Benefit Advisor is busy coordinating all the little details to insure a smooth and successfull transaction.
Getting the final loan approval
Once you’ve made an offer and it’s been accepted, we’ll order an appraisal of your new home. Once all verifications are received and all lender loan approval conditions have been met, the loan documents are ordered and are readied to be sent to escrow for you to sign. There are always updated documents or even new requests that various banks and lenders will have – this is all part of the normal loan approval process. We endeavor to anticipate what these items will be and as with every step of the process, we will keep you up to date as we proceed through the process.
Your loan is funded
Your Union Certified Real Estate Agent and the sellers will work together to designate an escrow/title company to handle the funding of your loan once it’s approved. We’ll coordinate with the escrow company to make sure all the papers your lender will need are in order, and you’ll sign everything at the escrow/title company’s office. Or, as an added benefit, we’ll send the notary right to your home or work, during or after hours, 7 days a week!
You’ve answered a few simple questions, given us some detailed information, applied online, and next thing you know, you’re moving in! Union Home Benefit is in the business of approving and helping Union members save time, money and aggravation when it come to you all your home needs. We do most of the work, so you don’t have to. Union Home Benefit – the Union Way Home
Many home-owners and new home-buyers make the mistake of applying for new credit, depleting their cash reserves or rushing out to buy things to furnish their new home as soon as the seller accepts their purchase offer or the lender pre-approves their loan. But, there are still a few major hurdles to overcome before the keys are handed out. Here are some things to avoid during the loan process to assure your transaction goes as smoothly as possible:
Don’t make an expensive purchase or apply for new credit!. It may be tempting to order that new sofa for your soon-to-be living room and try to avoid making major purchases like furniture, cars, appliances, electronic equipment, jewellery, or vacations until after the closing. Purchasing with a store credit card or even one of your own credit cards could jeopardize your credit worthiness during the time it means the most. Using cash to purchase big items can also create a problem because many banks take into consideration your cash reserve when approving your mortgage.
Call us before you take a new job so we can review how it may or may not affect your ability to qualify for a mortgage loan. A new job can be a great thing for yoru qualifying ability – especially if you are going to be making more money. But for some people, getting a new job during the loan approval process could raise some concern and affect their application.
Don’t switch banks or move money around unless instructed by your Union Home Benefit Advisor. As your lender reviews your loan package, you will likely be asked to provide bank statements for the last two or three months on your checking accounts, savings accounts, retirement accounts and other liquid assets. To eliminate potential fraud, most loans require a thorough paper trail to document the source of all funds being used for the transaction. Changing banks or transferring money to another account – even if its just to consolidate funds – could make it difficult for the lender to document your funds. Just give us a call, we’ll help advise you on the safest action to take.
Don’t disregard your lender’s requirements. You may have been pre-approved for the loan but your work with the lender is not quite finished. In order to process your loan, you need to meet certain requirements. Your lender will need copies of your paystubs, bank statements, tax returns and other paperwork. It is up to you to get it to him or her as soon as possible. Failure to submit certain qualifying documents could cause you to lose your loan and the financing you need. Don’t worry, your Union Home Benefit Advisor will help you gather and organize everything you need, when you need it.