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Alegre Home Loans

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    • Alfonso Rodriguez
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Path To Ownership

home mortgage

Steps to Homeownership

    1. Pre-Approval

    The first step in becoming a homeowner is a pre-approval with an Alegre Home Loans specialist to analyze your finances and determine your qualifying loan amount.

    2. House Hunting

    Once you are pre-approved, a realtor can then show you homes for the amount that you qualify for, in the area that you’d like, and with all the home features on your wish list.

    3. Mortgage Loan Application

    After finding your dream home, we begin the mortgage loan application. This process takes about 2 weeks while we order your appraisal, verify your documents, and process your loan.

    4. Closing

    With an approved loan application, all parties schedule a closing date and all the final paperwork is signed at the closing table to finish your home purchase transaction.

    alegre home loans
    mortgage approved

    The Mortgage
    Loan Application

      1. The Disclosures

      The mortgage loan application disclosures are the initial stack of papers that the applicant signs after the real estate contract is accepted and a purchase agreement is executed by the seller(s) and buyer(s). The mortgage loan application can be wet signed or e-signed.

      Processing

      Once the disclosures are signed, the
      file will be pushed to our processing
      department; the income and identity
      documents that you provided will be
      verified through their designated
      agencies, we will send you an email
      link to order the appraisal, and your
      loan application will be structured.
      While processing your paperwork we
      may be requesting for additional
      documents, please keep in mind that
      we are asking for these documents to
      submit the file to the underwriter and
      each submission is subject to a full
      review which can result in further
      documentation being requested;
      every single day counts, please return
      any requests as soon as possible

      3. First Submission to Our Underwriter

      Once we have processed your file and your appraisal is received, we will
      submit your entire mortgage loan
      application to our underwriter. The
      underwriter is in charge of approving or
      denying your mortgage loan
      application.

      4. Conditional Approval

      After our initial submission to the
      underwriter, we expect the file to be
      returned to us with a conditional
      approval within 2-3 business days. This is
      an approval contingent on certain
      conditions; perhaps a revised verification of employment, maybe a
      few missing signatures, or possibly
      outstanding paperwork. While working on your conditions we may be
      requesting for additional actions or
      documents, please keep in mind that
      we are asking for these documents to
      resubmit the file to the underwriter and
      each submission is subject to a full
      review which can result in further
      documentation being requested. Please return any requests as soon as possible. We would much rather know of anything missing from your file sooner rather than later.

      5. Resubmission to Our Underwriter

      After gathering all the conditions we will
      resubmit the file to our underwriter, this
      time we will be anticipating a clear to
      close (CTC).

      6. Clear to close

      With a clear to close, there are no more
      outstanding documents or actions
      required on your mortgage loan
      application and all parties can
      schedule a closing date and time.

      7. Closing

      Generally, closing is scheduled by the
      attorneys and it takes place at the title
      company.

      dos and donts when buying home

      Do’s & Don’ts When Buying

        1. DO save Money!

        Even if you already have enough to
        cover your closing, please keep saving
        your money. There are factors beyond
        our control that may come up during
        the process which may require more
        money at the time of closing. These
        include, but are not limited to:
        a. A lower tax credit.
        b. A lower appraised value.
        c. Higher title fees.

        2. DO turn in all your newly released pay stubs and bank statements!

        We will need to maintain your mortgage loan application with the most recent 30
        days’ worth of paystubs and the most recent 60 days’ worth of bank account
        activity from the account you will be
        using for your down payment and closing costs.

        3. DO return any requests as soon as possible

        While working on your file we may be
        requesting for additional documents or actions, please keep in mind that we are
        asking for these documents to submit, or resubmit, your application to the
        underwriter and each submission is
        subject to a full review which can result
        in further documentation being
        requested. Every single day counts,
        please return any requests as soon as
        possible. The sooner we submit your file
        to the underwriter the sooner we will know if there is anything else required on your file. We will not know if any further documents are required on your mortgage loan application until we have a Clear to
        Close. Only with a Clear to Close, will
        we know there are no more outstanding documents, or actions, required on your mortgage loan application.

        4. DON’T run your credit

        Running your credit has the potential to
        lower your credit score and change the
        circumstance under which you were
        pre-approved for your loan.

        5. DON’T open any new credit or co-sign for anyone

        By adding new debt, you are adding to your liabilities and changing the circumstances under which you were pre-approved.

        6. DON’T make any large deposits into your bank account

        Any large deposits must be seasoned and sourced. If you make a large deposit and it cannot be sourced, then we are forced to back it out from your available funds to close. In most cases, a large deposit is any amount greater than 1% of your loan amount or 50% of your monthly income.

        Your new home is waiting for you

        Ready to get started?

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        Alegre Home Loans

        Alegre Home Loans is a Division of Celebrity Home Loans, LLC | NMLS # 227765.  For licensing information, go to:  www.nmlsconsumeraccess.org.  Celebrity Home Loans, LLC has no affiliation with the US Department of Housing and Urban Development, the US Department of Veterans Affairs, the US Department of Agriculture or any other government agency. We are an Equal Housing Lender. For further information about Celebrity Home Loans, LLC, please visit our website at www.celebrityhomeloans.com. Receipt of application does not represent an approval for financing or interest rate guarantee. Applicant is subject to credit, acceptable appraisal, title, and underwriting approval. Not all applicants will be approved. Other terms and conditions apply. Contact Celebrity Home Loans, LLC for more information and up to date rates.

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