Local: 415-454-1130

charlie@emgmortgage.com
 

 

 

Local: 415-454-1130

charlie@emgmortgage.com
 

mortgage loans
 
 
 

Welcome to Our Home Buyer Center!

If you are looking to buy a home, you've come to the right place! Your first step is to schedule a telephone call or face-to-face meeting so that we can get an understanding of your goals and objectives. We will then follow up with a prequalification letter and our custom spreadsheet detailing multiple loan options. From there we will start the preapproval process and get you positioned for a competitive and successful offer.

Step #1: Complete Application

IT IS VERY IMPORTANT YOU AGREE TO ELECTRONIC DELIVERY OF DOCUMENTS - it's called e-Consent and it's at the end of the application. This will ensure a timely and smooth exchange of documentation. You may also apply via telephone or in person. To apply online, click here and be sure to select your loan officer. Complete every required field and if you don’t know the answer or it does not apply, just put something in that field - a period or 0 etc. It is VERY important you do not leave your computer unattended for more than 5 minutes as the application will time out and your data will not be saved.

Step #2: Pre-Approval

Documents we will need for your preapproval:  You may send these to your contact person at Equitable Mortgage Group via their Secure Transfer link on their email signature.

  1. Last two years' W2's, 1099's, business and personal federal tax returns with all schedules and K1's.
  2. Current Profit & Loss Statement (if you are self-employed with 25% or more ownership of your company).
  3. One month’s worth of most recent paycheck stubs. Please also send Social Security Award Letters and/or pension income documents, if applicable.
  4. Last two months of complete asset statements - checking, savings, quarterly 401k, stocks, bonds - all pages including blank pages. If you will be using your 401k funds to meet cash reserve requirements, we will need the Terms of Withdrawal from your plan administrator - proving you may access those funds in the event of a hardship.   
  5. Current mortgage statements, property tax bills and evidence of homeowner's insurance for all properties owned - including Lease Agreements if you own rental property.
  6. Copy of recorded Divorce Decree or Marital Separation Agreement (if applicable).

Step #3: When my offer is accepted - next steps

Loan Process Overview

The following information explains what happens immediately after you are "in contract" to buy a home.

Preparing for loan submission:

  1. We will send you initial disclosures for your signature. These are rough drafts and will be corrected and/or updated throughout the process.
  2. You will need to provide us updated financial information - bank statements, paystubs etc. - we will let you know what is needed. Additionally, the following may be required:
    • Renters will likely need to provide proof of on-time payment of last 12-24 months of rent.
    • Condo buyers need to understand that the HOA will be charging them anywhere from $100-$500 to provide the required "condo docs" - CC&R's, Questionnaires etc.
    • Contact info for your homeowner's insurance agent. If you need a referral, we are happy to provide one. Condo buyers may or may not need an HO6 Policy of "Walls-in" insurance... it depends on whether the Master HOA Policy covers you or not - please confirm with the HOA whether the Master Policy protects your contents and we will too.
    • THE most frustrating aspect of the loan process for many of our clients is "documenting large deposits" on their bank statements.  Once you are in contract and officially in the loan process, the level of detail required to paper-trail the large deposits and transfers between accounts can be arduous.  We strongly recommend you take the time now to discuss with us your down payment source and how and when you plan to move the funds into your “cash to close” account (usually your main checking account) so that we can advise you on how to manage these transactions smoothly to avoid some of the back and forth during the homestretch. 

Loan submission and conditions

We will then submit your loan to the lender for approval.  They will respond with a list of “conditions” you need to provide. These requests for "conditions" will continue throughout the loan process.

Prepare for closing:

  1. The final official loan documents will be sent to the Title Company for your signature and then back to the lender for funding.
  2. Once the lender reviews the final loan documents, they will fund your loan and you will go on record with the County and get your keys
  3. Expect to be asked for more documentation up until closing
  4. Let us know if you have any travel plans before closing
  5. Do not schedule the moving company until loan docs are at the Title Company
  6. Allow enough time to liquidate stock and/or retirement funds, receive gift funds, and to wire your funds to the Title/Escrow company - usually a few days before closing.  Take into account bank holidays.
  7. Make sure all funds to close come from accounts that you have provided to us
  8. If you have a spouse or other person on Title who is not on the loan, there will be a number of documents that they need to sign - make sure everyone will be at the signing appointment
  9. A second credit report may be pulled the day before your loan funds. As a result, to avoid potential changes to your loan approval status, we advise you don't use credit cards, buy cars or other large purchases without checking with us first.
  10. The lender will call your employer the day the loan funds to ensure you have not quit your job or given notice that you are quitting. If your employer is not responsive, it could delay the closing.
  11. If you need to hire a moving company, we recommend Johnson and Daly Moving - the biggest in Marin - let them know we (Charlie Christensen - good friend of Tim Johnson) referred you for priority treatment. 415-491-4444.

Post Closing:

A number of months after you move into your new home, you will likely receive a supplemental tax bill from the county. You must pay this bill to avoid penalties. If you have an impound account, contact your lender to coordinate payment of the supplemental tax bill.

Where do you send your first payment? The closing documents you signed with the Title Rep or Mobile Notary will have a First Payment Letter with instructions on where to send your first payment. The first payment date is also on your Note.

Your loan may be sold to a large bank or other reputable institution and potentially sold a few times. This is normal in the mortgage industry. Rest assured, you will receive a bill every month. :)

As always, we are here to answer all of your questions and help you with any challenges that may arise. All of our contact information can be found under the Contact Us page on our website. 

Finally, please remember that we are also refinance experts, so be sure to come back to us when it's time to reevaluate your loan based on changing needs.  And as always, if you have a family member, friend, co-worker or neighbor who is looking to buy or refinance their mortgages, we would love to help!

If you are looking to buy a home, you've come to the right place! Your first step is to schedule a telephone call or face-to-face meeting so that we can get an understanding of your goals and objectives. We will then follow up with a prequalification letter and our custom spreadsheet detailing multiple loan options. From there we will start the preapproval process and get you positioned for a competitive and successful offer.

Step #1: Complete Application

IT IS VERY IMPORTANT YOU AGREE TO ELECTRONIC DELIVERY OF DOCUMENTS - it's called e-Consent and it's at the end of the application. This will ensure a timely and smooth exchange of documentation. You may also apply via telephone or in person. To apply online, click here and be sure to select your loan officer. Complete every required field and if you don’t know the answer or it does not apply, just put something in that field - a period or 0 etc. It is VERY important you do not leave your computer unattended for more than 5 minutes as the application will time out and your data will not be saved.

Step #2: Pre-Approval

Documents we will need for your preapproval:  You may send these to your contact person at Equitable Mortgage Group via their Secure Transfer link on their email signature.

  1. Last two years' W2's, 1099's, business and personal federal tax returns with all schedules and K1's.
  2. Current Profit & Loss Statement (if you are self-employed with 25% or more ownership of your company).
  3. One month’s worth of most recent paycheck stubs. Please also send Social Security Award Letters and/or pension income documents, if applicable.
  4. Last two months of complete asset statements - checking, savings, quarterly 401k, stocks, bonds - all pages including blank pages. If you will be using your 401k funds to meet cash reserve requirements, we will need the Terms of Withdrawal from your plan administrator - proving you may access those funds in the event of a hardship.   
  5. Current mortgage statements, property tax bills and evidence of homeowner's insurance for all properties owned - including Lease Agreements if you own rental property.
  6. Copy of recorded Divorce Decree or Marital Separation Agreement (if applicable).

Step #3: When my offer is accepted - next steps

Loan Process Overview

The following information explains what happens immediately after you are "in contract" to buy a home.

Preparing for loan submission:

  1. We will send you initial disclosures for your signature. These are rough drafts and will be corrected and/or updated throughout the process.
  2. You will need to provide us updated financial information - bank statements, paystubs etc. - we will let you know what is needed. Additionally, the following may be required:
    • Renters will likely need to provide proof of on-time payment of last 12-24 months of rent.
    • Condo buyers need to understand that the HOA will be charging them anywhere from $100-$500 to provide the required "condo docs" - CC&R's, Questionnaires etc.
    • Contact info for your homeowner's insurance agent. If you need a referral, we are happy to provide one. Condo buyers may or may not need an HO6 Policy of "Walls-in" insurance... it depends on whether the Master HOA Policy covers you or not - please confirm with the HOA whether the Master Policy protects your contents and we will too.
    • THE most frustrating aspect of the loan process for many of our clients is "documenting large deposits" on their bank statements.  Once you are in contract and officially in the loan process, the level of detail required to paper-trail the large deposits and transfers between accounts can be arduous.  We strongly recommend you take the time now to discuss with us your down payment source and how and when you plan to move the funds into your “cash to close” account (usually your main checking account) so that we can advise you on how to manage these transactions smoothly to avoid some of the back and forth during the homestretch. 

Loan submission and conditions

We will then submit your loan to the lender for approval.  They will respond with a list of “conditions” you need to provide. These requests for "conditions" will continue throughout the loan process.

Prepare for closing:

  1. The final official loan documents will be sent to the Title Company for your signature and then back to the lender for funding.
  2. Once the lender reviews the final loan documents, they will fund your loan and you will go on record with the County and get your keys
  3. Expect to be asked for more documentation up until closing
  4. Let us know if you have any travel plans before closing
  5. Do not schedule the moving company until loan docs are at the Title Company
  6. Allow enough time to liquidate stock and/or retirement funds, receive gift funds, and to wire your funds to the Title/Escrow company - usually a few days before closing.  Take into account bank holidays.
  7. Make sure all funds to close come from accounts that you have provided to us
  8. If you have a spouse or other person on Title who is not on the loan, there will be a number of documents that they need to sign - make sure everyone will be at the signing appointment
  9. A second credit report may be pulled the day before your loan funds. As a result, to avoid potential changes to your loan approval status, we advise you don't use credit cards, buy cars or other large purchases without checking with us first.
  10. The lender will call your employer the day the loan funds to ensure you have not quit your job or given notice that you are quitting. If your employer is not responsive, it could delay the closing.
  11. If you need to hire a moving company, we recommend Johnson and Daly Moving - the biggest in Marin - let them know we (Charlie Christensen - good friend of Tim Johnson) referred you for priority treatment. 415-491-4444.

Post Closing:

A number of months after you move into your new home, you will likely receive a supplemental tax bill from the county. You must pay this bill to avoid penalties. If you have an impound account, contact your lender to coordinate payment of the supplemental tax bill.

Where do you send your first payment? The closing documents you signed with the Title Rep or Mobile Notary will have a First Payment Letter with instructions on where to send your first payment. The first payment date is also on your Note.

Your loan may be sold to a large bank or other reputable institution and potentially sold a few times. This is normal in the mortgage industry. Rest assured, you will receive a bill every month. :)

As always, we are here to answer all of your questions and help you with any challenges that may arise. All of our contact information can be found under the Contact Us page on our website. 

Finally, please remember that we are also refinance experts, so be sure to come back to us when it's time to reevaluate your loan based on changing needs.  And as always, if you have a family member, friend, co-worker or neighbor who is looking to buy or refinance their mortgages, we would love to help!

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