PURCHASE PROCESS

Valley View Home Loans team of loan professionals wants to make sure your loan process is as smooth as possible. Below you will find a process flow of what to expect during your purchase transaction. Also, we have a list of things you should avoid when in process for a mortgage loan.

Valley View Home Loans – Purchase Process

  • Stage 1
    • Get pre-approved for your home loan by submitting your income and assets, and have your credit reviewed
    • Once you have a pre-approval, you now have a legitimate lenders pre-approval to shop for your new home
    • Have your loan officer recommend a reputable real estate agent if you do not already have an agent
    • Meet with real estate agent and go over your budgeted sales price in your pre-approved price range
    • Locate your dream home
    • Put in offer for acceptance by the seller
    • If the offer is accepted, escrow is opened
  • Stage 2
    • After opening escrow,  property inspection is ordered, which checks for repairs that may be needed
    • Appraisal is ordered
    • Title policy is requested along with any other 3rd party verification’s that may be needed
    • Appraisal and title work come back
    • Loan is packaged up to send back to Underwriter to review purchase contract, title and appraisal
  • Stage 3
    • Loan is negotiated for lock
    • Loan documents are created and send to escrow for signing
    • Signed loan docs are returned to us
    • Escrow, title, lender and borrower complete and satisfy any remaining funding conditions
    • Loan funds and records at the county the home is located in
    • Keys are handed over to your families new home!

4 Things to NOT DO when shopping for a loan

    • Don’t run your credit more than a few times (each inquiry can lower your score)
    • Don’t change or quit your job or reduce hours at your job
    • Don’t deposit cash into the bank, and don’t deposit monies that cannot be traced and sourced
    • Don’t buy anything with credit (don’t open new accounts, buy a new car, or charge up the accounts you already have open)