Quincy Harrington - Steps in the Mortgage Process

Quincy Harrington - Buying a home, especially for new home-buyers, can seem intimidating.We can help simplify the process, giving you peace of mind during the home buying process.




Step 1.  Apply

Applying to get pre-qualified is easy! Just fill out or pre-approval form and we will contact you quickly to get all the information we need from you.

Step 2.  Issue

We issue the pre-qualification letter so you have a price range in mind of what you are able to get a loan for. The pre-qualification letter is not a guarantee of the loan, but is typically enough to make an offer on a house.

Step 3. Gather

Gather your documents to complete your application. We will let you know what documents you need to finalize the application

Step 4. Find

Find a property. You can use one of our reputable Real Estate Agent partners to help find the best house for you. Not sure why you need a realtor? Learn more about what real estate agent can do for you Also, read our article about 5 things you should check about the neighborhood before you buy a home.

Step 5. Order

We will order 3rd party services such as the appraisal.

Step 6. Process

We will process your application and get it ready for underwriting.

Step 7. Underwrite

Here is the moment you are waiting for! We will now formally approve or deny the loan. The underwriter will deny or confirm that all the information you submitted is accurate and that your file will work with the conditions of the loan program you have selected.

The Underwriter will tell you your loan is one of the four options below:

    Denied
        In this case, the underwriter does not thing that you are a good fit for the loan program selected.
    Approved with no further conditions
        If everything looks perfect for the loan program selected, the underwriter will approve with no further questions.
    Suspended
        This means that the loan is not approved due to some outstanding questions
        it is assumed that once these questions are answered/cleared up, the loan will be approved.
    Approved Conditionally
        This means everything is good to go as long as certain conditions are met.

Step 8. Satisfy

If your loan is approved, we move on to satisfy any conditions assigned by the underwriter.

Step 9. Clear

We will clear the loan for closing.

Step 10. Close

You will now be able to close on your new home!

Source : http://questhomeloancenter.com

Quincy Harrington - Things to check before you buy a home

Quincy Harrington - If you’re ever in doubt, contact a qualified building inspector to put your mind at rest, but this list is a good place to start when looking for potential problems – and avoiding some hassles down the line.

1. Are there any water stains or corrosion to the walls backing onto the showers or baths?

Try to look at the walls backing onto these areas for any signs of moisture penetration or water leaks. This is not a structural defect but can be a costly maintenance item for repair.

2. Check the ceilings are not sagging

Look at the ceilings to see if they are fixed firmly flush into place and do not have a ‘parachute’ appearance. This can be easily done by shining a torch across the ceilings, as this will show up all deflections and defects in the ceiling sheets.

3. Check inside the cabinets in all the wet areas

All cabinets should be opened to detect if there is a smell of damp, mould and mildew. Any damp smells can be an indication of water leaks or even rising damp.

4. Check the walls for large cracks

The internal and external walls should be visually checked to note any large wall cracks. Cracks that are greater than 2.0mm in width or properties with excessive cracking can be cause for concern and should be further inspected by a qualified building inspector.

5. Is there any evidence of mould in the bathrooms or bedrooms?

Mould can just look like dirty clouds on the walls and ceilings, especially if they have been recently cleaned. Mould has to be cleaned by professional mould remediation companies and can be quite expensive to have removed. Plus there is the question of the initial cause of the mould, is it more than just bad upkeep?

6. Check the internal wall plastering for fine cracks

The internal wall plastering can be easily checked for fine hairline cracks (map cracking, as they take on the appearance of a map). These cracks are caused by the incorrect application of the wall plastering at the time of construction. Once these cracks are found in one area of the property you will usually find it in multiple areas. The cracking plaster can crack further and even come loose, especially when wall fixings for paintings are installed.

7. Check the external roof lines

Look up the lines of the roof externally if possible to check if they are straight and free from deflections.

Read More : realestate.com.au