Welcome to Our Home Buyer Center!
If you are looking to buy a home, you’ve come to the right place!
Before we begin…
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. Click here for easy access to our contact information.
We will then follow up with our custom spreadsheet detailing multiple loan options as well as qualification information.
From there we will start the preapproval or fully approved loan process to get you positioned for a successful offer.
Now let’s get started!
Step 1: Complete Application
A completed application will give us the information we need get the ball rolling on your behalf.
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.
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.
Step 2: Pre-Approval
Where a pre-qualification letter is a ball-park estimate of what you can qualify for based on the information you verbally provide to us, a pre-approval is usually a written letter from us which we base on the official information and documentation you have provided in your loan application. This is usually the minimum required to write a successful offer to purchase a home. We are extremely thorough in this process and do not issue pre-approval letters unless we are extremely confident we can deliver a full approval. As such, a pre-approval letter from EMG Mortgage is as a valuable asset in presenting the strongest offer possible.
Click here for a list of documents we will need for your preapproval:
- Last two years’ W2’s, 1099’s, business and personal federal tax returns with all schedules and K1’s.
- Current Profit & Loss Statement (if you are self-employed with 25% or more ownership of your company).
- One month’s worth of most recent paycheck stubs. Please also send Social Security Award Letters and/or pension income documents, if applicable.
- 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.
- Current mortgage statements, property tax bills and evidence of homeowner’s insurance for all properties owned – including Lease Agreements if you own rental property.
- Copy of recorded Divorce Decree or Marital Separation Agreement (if applicable).
You may send these to your contact person at Equitable Mortgage Group via their Secure Transfer link on their email signature.
Step 3: When my offer is accepted
Congratulations! Your offer has been accepted! Here’s what happens immediately after you are “in contract” to buy a home.
Our first task is to prepare your loan for submission. We will send you initial disclosures for your signature. These are rough drafts and will be corrected and/or updated throughout the process.
You will also need to provide us updated financial information – bank statements, paystubs etc. – we will let you know what is needed. (it’s best to get a head start on gathering this now):
Click here for a list of additional information that may be required:
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- 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.
Step 4: Loan Submission and Conditions
Great job! You have promptly provided us all of the support information we have requested. Now it’s time for a tidy submission of your loan to the lender for approval. They will likely respond with a list of “conditions” you need to fulfill as you continue on your path towards approval. An example of a “condition” might be validated tax transcripts, or verbal verifications of employment. These requests for “conditions” may continue throughout the loan process until the lender is satisfied that you meet all of their guidelines.
Step 5: Prepare for Closing
Your loan has been submitted and approved, all conditions have been met, and your closing date is near…here’s where it starts to get exciting! Things have gone so smoothly…let’s make sure that the wheels don’t fly off the bus so close to the finish line! Click here for some very important tips on how to avoid common pitfalls at closing. Inset link
About X days before closing, final official loan documents will be drawn sent to the Title Company for your signature and then back to the lender for funding. Once the lender reviews the final loan documents, they will fund your loan and you will go on record with the County. Once this happens, the keys to your new home are yours!
As Your Closing Date Approaches Be Prepared for the Following:
- Don’t be surprised if you are asked for more documentation up until closing. Be prepared to respond promptly and accurately.
Let us know if you have any travel plans before closing as this can impede the speedy flow of communication necessary as we approach close.
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.
Make sure all funds to close come from accounts that you have provided to us. Introducing a previously undisclosed account will not be acceptable to the lender and will delay closing.
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.
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 while you are in escrow without checking with us first.
Give your employer the heads up that your lender may 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.
Do not schedule the moving company until loan docs are at the Title Company. When it is time, 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
Step 6: Post Closing
Let the mortgage begin! 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. What that means is that the payee on your mortgage check may change once or more throughout the life of the loan. Rest assured, you will receive a bill every month.
A number of months after you move into your new home, you will also likely receive a supplemental tax bill from the county. The reason for this is that the county has reassessed your property based on its new purchase value which means that you will owe supplemental property taxes based on that value. 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.
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!
