What to Expect with Your New Home Purchase

What to Expect With Your New Home Purchase

Buying a home can feel like an overwhelming process, whether you have done the process before or are buying your first home. After all, a home is one of the most expensive investments you will ever make! So much paperwork and variables can make this process complicated, but Texell is ready to help.

Texell is here to walk you through the process and help you prepare for this exciting journey. Texell offers many purchase options for different loan types, including conventional mortgages, investment properties, land loans, home equity loans, and more. Our mortgage professionals can help you determine which loan type best fits your needs, from Conventional to Government Loans, the term that is right for you, and what down payment you will need. Texell is ready to help you on your path to homeownership.

Download the First-time hombuyer guide

Steps on Planning for Your Mortgage:

1. Application — Complete a mortgage loan application. This will help our mortgage experts determine how much you are qualified for and what information they will need going forward.

2. Pre-qualification — A Mortgage Loan Officer will review your provided information and give you your pre-qualification. At this time, they will also provide you with a “needs list” to officially start the loan process. Please provide the requested documentation from the needs list within 48 hours. If it is available, you should provide the contract for your new home purchase at this time.

3. Processing — Your Mortgage Loan Officer and Loan Processor will work together to validate and prepare your file and submit it for underwriting review. During this time, the Processor will order the title and appraisal. It is crucial that all documents are accurate and provided to the Processor promptly so it does not hold up your application.

4. Underwriting — The Underwriter will review your file to conditionally approve or deny your loan. If conditionally approved, the Underwriter will send a conditions list to your Loan Processor to satisfy. Your Loan Processor may request your assistance. Please provide any requested documentation within 48 hours. Once collected, the conditions will be sent back to the Underwriter for approval. Conditions are standard on all loans, and sometimes multiple submissions to underwriting are required.

5. Final Approval — Cleared to close! Once all conditions are met, the Underwriter will issue a clear to close, allowing your Loan Processor to officially move your loan over to the closing

6. Closing — The closing team will work with attorneys to start the closing documents. Due to regulations, a closing disclosure must be provided to the borrower at least three business days before the closing takes place.

Home Loan Tool Kit

Do’s and Don’ts When Applying for Your Mortgage:

To ensure your mortgage loan process goes smoothly and avoids delays, follow this simple advice:

Do’s:

• Provide Texell with all copies of the purchase agreement (initial contract and any additional amendments signed after that).
• Check your email frequently during the loan process.
• Provide any documents requested within 48 hours of Texell requesting them.
• Continue paying all mortgage payments and other obligations on time.
• Stay at your current employer throughout the mortgage process.
• Let your loan officer know if you plan on receiving gift funds for closing.
• Start shopping for a homeowners insurance policy and let your Loan Officer know your insurance company.
• Provide a front and back copy of your earnest money check and proof that it cleared your bank account.

Don’ts:

• Make any major purchases (car, furniture, etc.).
• Apply for new credit.
• Make any large deposits/withdrawals.
• Start any home renovations.
• Deposit cash or any other funds that cannot be traced.
• Close any revolving credit accounts without consulting with your Loan Officer first.
• Panic if you need to provide additional documents.
• Obtain any new debt.

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