Pre approval

[Anonymous]

We received our Pre approval for 350k now we search for our home... then what happens?

[H-B]

When you find home which you like it and its in your range you can send sign purchase contract to your lender. The lender will ask for current documents and start the process of mortgage. Which generally take 30 days to close. 

The lender will walk you through the process when you will be ready. 

[Anonymous]

Ok. Documents? They already took our W2s bank statements tax forms

[patternofstars7]

At least in my case so far my LO has guided me through process along with processor. He prepared my file well so there wouldn’t be many conditions coming back from
Underwriter. With all the documents I provided for preapproval (bank statements, pay stubs, etc..) they asked for updated copies a couple of times during process.

My loan so far has gone like this:
1. Pre approval
2. Submitted executed contract to lender
3. Inspection.
4. Title search
5. Underwriting
6. Commitment letter with conditions
7. Appraisal
8. Final underwriting
9. Clear to close

Hope this helps!

[emferrari]

Add to the list:

1. Homeowners insurance

2. Letter of explanation for deposits and withdrawls from your bank account that can not be explained by direct deposits from your employer, tax refunds, etc

3. Letter of explanation for credit situations (this is broad but happens)

4. If your down payment is coming from a different source that is not your bank account which they already have a statement, you'll need to provide a LOX for that too

5. LOX for gift funds (if there are any)

That's about it, IF you don't have any credit situations.

What's the lender?

[Anonymous]

Prime lending.

Credit situations? I had some collections but paid all 5k of them and all reportbwih a zero balance some already removed

[patternofstars7]

@emferrari yes exactly. Those were definitely part of the conditions with the commitment letter. LOX were just simple statements why we had some hard pulls.

We also had to source one large deposit which was easily shown with bank statements from our IRA.