Keller Williams Realty
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The Road to Home Ownership
Approval
The approval process consists of checking your credit and obtaining income information to determine if you qualify for a home loan. Credit and income are the two most important factors. Other compensating factors are: down payment, cash reserves, a length of time you have been with your current employer, etc. To get the process started call THE PLATZ TEAM at 913-438-8020 EXT 224, email Jon_Platz@ or visit our website at .
Make Application and Lock the Rate
Call us back once you get a contract on your new home. At this time you have the option to get your interest rate locked in and further review different loan options. Depending on your closing date. We can review rate lock options and put a game plan together to lock in or monitor rates for your new home.
Loan Processing
Sometimes, several months may pass between loan approval and your closing date. Although we collect much of the necessary information up front, we may need to collect up to date information. Loan processing is gathering information for a file to make sure it passes a post closing audit. Our processor Ellen (extension 234) may need to collect up to date pay stubs, W2’s, bank or investment statements. She may also need to verify your employment. Much of what is needed will be given to you in your initial loan documents in the form of a checklist. Make sure to keep your information handy if you are packing up for a move. Occasionally we will need to rerun your credit report. It is discouraged to open any new trade lines during this time. Also, it is important to notify us if you change employment, source of funds for closing, purchase price, or your closing date.
Final Underwriting
This is the process when Marianne (extension 230) our underwriter, reviews the information collected by Ellen, the appraisal, proper insurance coverage, etc. and makes sure it follows not only Countrywide’s guidelines, but those of Freddie Mac and Fannie Mae. Even though you have already been approved for your loan, this process is basically just a formality to insure that there have been no changes since time of application that may impact your approval.
Preparation of Closing Documents
Once your file clears final underwriting then our closers, Heather or Debbie (extension 233 & 236), finalize the numbers and email them to the title company where you will close your loan. Once we send over closing instructions, the title company gathers figures from the seller, the lender, home association, etc. and prepares a settlement statement that gives your final figure. Once this is complete, we will call you with your final figure.
If you need money for closing, you will need it in the form of a cashier’s check made payable to the title company. Typically if you are closing the same day on your home, then that proceeds check will be accepted by the title company you are closing with on your new home. You may also have your money wired. You will need to contact the title company for their wiring instructions.
The Closing
Your closing will take place typically where the seller selects. Please have you or your agent call the title company to book a time that is convenient for your schedule. You will need your closing funds (if required) in the form of a cashier’s check made payable to the title company and a picture ID. If your home is a new construction, the builder may not allow you to move in until the mortgage is recorded. This may take several hours after closing. A Countrywide rep will attend your closing to help answer your questions and give you the confidence that there will be no surprises at the closing table. Congratulations!!!!!!!
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