STARTING WITH THE DAWSON PREQUALSTARTING WITH THE DAWSON PREQUAL
NEW
MEXICO INFORMATION PAGE
PICTURE TOURS FOR HOMES
ABOUT CREDIT SCORES
How the Loan Process Works THE PREQUAL First you fill out the pre-qualification form online, via hardcopy fax etc. Send it to us. At no cost we will do a credit search all is confidential and no one outside the team sees any info. THE LOAN OFFICER (LO) A loan officer is assigned not just in name but that person will be available via phone and at the closing. The loan officer will contact you and gather any other information needed. The loan officer will search for any special programs that may be available to you. You will be contacted and select the loan that fits you. PROCESSING THE LOAN Now you will receive the federal and state disclosures and any missing information will be gathered. The Loan now has a life of its own. The LO will submit the loan and your file to underwriters who back or provide the money for the loan. An underwriter may require more information. THE COMMITMENT This is when you have Pre-Approval. The underwriter commitments to fund the loan. You now have purchasing power. The LO will give us a letter of Pre-Qualification which includes a purchase limit. TRISH FINDS YOUR HOME You love it! She and you negotiate the offer and it is accepted because you are pre-approved. If you had not gotten pre-approved you would now start that process and the offer would be subject to the final approval as will be most all offers we write. THE APPRAISAL A licensed appraiser values the property and informs the title company we have selected of the value of the home. If the appraisal falls below the sale price the loan underwriter may not want to make a loan on a lesser value home. Trish negotiates to lower the price to the market appraisal. If the fair market value is at or above the offered price it is submitted to the underwriter for final approval. THE LOAN IS APPROVED The title company and all parties are informed the loan is approved for that specific purchase. INSURANCE OPTIONS Mortgage insurance protects the lender and is required when the loan to value exceeds 80%. Title Insurance insures that the property is free and clear of all liens. Hazard Insurance covers a loss by fire, wind and some other natural disasters. THE CLOSING All files are delivered to the Title company instructing the distribution of funds and documents to be signed by all parties. In New Mexico actual funding does not take place at the time of closing. The title company and officer will review and discuss all documents and resolve any disputes or confusion. It is imperative that your Loan Officer be at closing with you. TITLE The title company having resolved the proper distribution of funds will record the title and you will receive a copy of the title. A HAPPY DAY FOR ALL INVOLVED!
"Your specialist in New Mexico"
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