Path To Ownership

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.

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.

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.

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.

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.

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

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.

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.

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

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.

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

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.

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.

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.

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

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

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.