Speak With A Loan Advisor

This first touchpoint is critical and one that will establish our mortgage process going forward. You and your Trinity Oaks Loan Advisor will assess your credit, discuss expectations, and your best financing options.

Loan Application

You can submit an application so we can gather as much information upfront about your financial standing. This will give our loan advisors a good footing for knowing which loan financing option is best as well as get the process started.

Prequalification

With a prequalification, the lender performs a very basic review of your financial situation in order to tell you how much of a home loan you may be able to qualify for. Think of it as a free consultation between you and the loan officer.

A Pre-approval is a more in-depth process. Here, the lender verifies your income, debt level, credit score & other aspects of your financial situation to determine how much they are willing to give you a loan for.

Find A Home

Make a list of must-haves, deal-breakers, and wish-list to help target your home search.

Home Inspection

Perform general inspection. This is the time to reveal any issues or problems before you buy the property. Review the inspections, if there are any issues, this is the time to renegotiate with the seller or issue a request for repair.

Make An Offer/Offer Accepted

Work with your agent to put together the offer and if need be, negotiate. Your agent or transaction coordinator will open the escrow and order title. Get an initial deposit to them.

Submit Documents

You can submit an application so we can gather as much information upfront about your financial standing. This will give our loan advisors a good footing for knowing which loan financing option is best as well as get the process started.

Once we have received your signed loan package and the initial documents that we have requested, our team will review these documents to make sure all information is valid. Once all information has been validated as true and correct, your loan will be submitted for final credit approval.

Received Appraisal

We will order your appraisal from a licensed appraiser and it will be reviewed by underwriting once it is completed. To comply with the Equal Credit Opportunity Act (ECOA), Regulation B, you must certify in writing you have received the appraisal at least three days prior to closing. If you do not respond in writing three days prior to closing, you cannot legally close until 3 days have elapsed.

Please secure homeowners insurance immediately. Our closing team needs this information at least 7 days prior to closing. Feel free to call or email us if you have any questions along the way. Please remember that we are never too busy to help.

Underwriting

Underwriting validates that all information provided to our team meets Trinity Oaks Mortgage underwriting criteria. As our underwriter reviews the paperwork, please be aware that further clarification or documentation may be required.

During this stage of the loan process, your loan may be approved conditionally. If this is the case, our underwriting team will be in touch to discuss the next steps and may request additional information to explain certain conditions pertaining to your loan.

Loan Approval

Once your loan has been approved by our underwriting department, it is passed on to our closing department who will prepare your final loan documents for signing. A final breakdown of your cost to close will be sent to you prior to closing. This is called a closing disclosure. Please review the closing disclosure prior to closing day for accuracy.

CTC & Final Walk-Through

Remove contract contingencies. Make sure your loan is firm and make the final deposit. The loan advisor prepares and sends loan documents to escrow. Do the final home inspection and walk-through before closing.

Closing Day Is Here!

On your closing day, you will need to block out a comfortable amount of time. While a closing can be accomplished over your lunch break, you will want to make sure you have plenty of time in case one of the key players for the signing is running late, any documents are flawed and might need changing, or last-minute questions arise.

Setting aside half of your day for your closing ensures that you aren’t rushed and feel comfortable when leaving the closing table. Be sure to double-check your settlement statement for any errors prior to closing and check the numbers against your mortgage information.

Have more questions about our mortgage process? Trinity Oaks Mortgage proudly serves the entire DFW Metroplex. Our experienced loan officers can answer any mortgage-related questions you have and guide you through the process.

We look forward to hearing from you!

The post Our Mortgage Process appeared first on Trinity Oaks Mortgage.

1. Track your expenses and spending

Knowing where your money goes is an important first step in saving for your home’s down payment. You can save receipts from all of your purchases each month and enter them into an excel spreadsheet or use an app or online tool to track your spending. Being able to see exactly where your hard earned money goes each month can be very eye opening!

2. Establish a budget

Now that you’re tracking your spending, use this information to cut back and keep those dollars in the bank. Sticking to a budget can be challenging, so work hard to stay focused on your goal! If your having trouble sticking to your budget you can try setting aside a small amount each month to spend on yourself. Treating yourself each month can seem like a tiny reward for managing your spending well throughout the month. Just remember, budgeting will definitely pay off once you get the keys to your new home!

3. Create a separate savings account

Another great way to ensure you aren’t spending the money you set aside each month in the event that you need to dip into your regular savings is by creating a separate account for your home buying expenses. Consider this account untouchable. The only time you should touch this account (aside from an emergency) is when you are ready to purchase a home!

We hope these tips are helpful and would love to help you along your home buying journey. Feel free to contact our team with questions or to see how much home you can afford by getting pre-qualified for free. Getting pre-qualified for a mortgage can help you better plan for how much you will need to save for buying a home. To submit an application online and receive a pre-qualification letter, click here to get started!

What methods have you used to help save for the down payment on your home? Let us know in the comments below!!

We LOVE being your lender!

The post 5 Simple Ways to Save for a Down Payment appeared first on Trinity Oaks Mortgage.