An elegant white clock featuring 'DANIELLE LAZIER REAL ESTATE LOGO' on a sleek black background.Vivre Real Estate logo

Understanding the Home Loan Process

February 7, 2015
home loan, danielle lazier, sfhotlist, san francisco real estate

Be Patient and Confident During the Home Loan Process

 

This guest post, an overview of the home loan process, is brought to you by Stanley Erker, Wells Fargo Home Mortgage Consultant.

Here's what Stanley has to say:

The home loan process is a series of milestones beginning with the initial consultation and ending with the closing of escrow. For buyers preparing to purchase a home it’s important to be proactive in receiving a mortgage pre-approval prior to submitting an offer. Getting pre-approved is particularly important in seller's markets like we're experiencing in San Francisco now.

Phase I: Consulting With a Mortgage Professional

Begin by consulting with a mortgage professional to find out what mortgage options are available based on your current credit and financial profile.

You'll also want to:

  • Discuss short and long term homeownership goals. Is there potential to upsize, renovate, or relocate in the near future?
  • Share accurate details around employment/earnings history. Is there a likelihood earnings will continue at the same level or more? Is there a pending acquisition or promotion which will result in higher earnings?
  • Determine your current credit profile and whether you have a history demonstrating a willingness to repay financial obligations with various creditors?

Phase II: Get Pre-Approved for a Home Loan

Continue the process by completing a mortgage application and applying for pre-approval.

  • Provide an organized and complete set of supporting financial documents as requested by the mortgage consultant (W2’s, 1040’s, pay stubs, and asset statements).
  • Sign and date a consent for credit reporting. Find out your current credit rating and discuss opportunities to maintain or improve credit scores.
  • Explore financing scenarios based on different price ranges, down payments, and product options.
  • Carefully review initial disclosures around the terms and conditions. Ask about anything that isn’t fully understood.

Be as transparent as possible and provide all requested information as promptly as possible. Your home loan consultant is on your side and wants you to be successful in getting pre-approved and buying the perfect home for you.

Phase III: Manage Your Emotions

Getting pre-approved for a home loan can be emotionally tricky as well as time-consuming. Remain patient and confident while application is being reviewed.

The overall goal is to pre-approve a mortgage application so a buyer can feel financially confident, submit a competitive offer, and demonstrate credit-worthiness to potential sellers/listing agents.

More Information

Thanks, Stan! The SFhotlist Collective appreciates your insight and expertise! Over the years, we've written frequently about how crucial it is to be pre-approved for financing at the beginning of your house hunt. The dates may change but most of the information stays the same. For your further review...

Buying a Home in San Francisco? It's crucial to be pre-approved! 

How to Choose a Mortgage Broker

Work with a Local San Francisco Lender

{Photo Credit: World Bank}

Yelp logo
296 reviews
View All
Zillow logo
176 reviews
View All
Danielle Elazier Realtor on Google My Business- image of Google my business logo
117 reviews
View All

Danielle lazier real estate team

We care deeply about our clients and our commitment to exemplary results. Working with us should be a good fit for you. If you feel our team is the right fit for you and you’d like to talk with Danielle to make sure, contact us today for your complimentary initial consultation.
Contact Me

Do You Need Another Real Estate Newsletter?

Probably not. Yet, in our biased opinion, you should definitely sign up for our twice-monthly email for market insights, webinar invites, local news, gorgeous homes, and more. We never share or sell your information. And, when you’re ready to work with us, please email or call to discuss your plans. We’d love to help!

Danielle Elazier botanical illustration - 3 different California poppy flower branches. Black and white with line art
View Full Street Address SAN FRANCISCO, CA 94114 (415) 528-7355 ©2015 VIVRE REAL ESTATE. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATION PURPOSES ONLY. WHILE THIS INFORMATION IS BELIEVED TO BE CORRECT, IT IS REPRESENTED SUBJECT TO ERRORS, OMISSIONS, CHANGES, OR WITHDRAWAL WITHOUT NOTICE. ALL PROPERTY INFORMATION, INCLUDING, BUT NOT LIMITED TO SQUARE FOOTAGE, ROOM COUNT, NUMBER OF BEDROOMS, AND THE SCHOOL DISTRICT IN PROPERTY LISTINGS SHOULD BE VERIFIED BY YOUR OWN ATTORNEY, ARCHITECT, OR ZONING EXPERT. IF YOUR PROPERTY IS CURRENTLY LISTED WITH ANOTHER REAL ESTATE BROKER, PLEASE DISREGARD THIS OFFER. IT IS NOT OUR INTENTION TO SOLICIT THE OFFERINGS OF OTHER REAL ESTATE BROKERS. WE COOPERATE WITH THEM FULLY. EQUAL HOUSING OPPORTUNITY. ALL INFORMATION DEEMED RELIABLE BUT NOT GUARANTEED AND SHOULD BE INDEPENDENTLY REVIEWED AND VERIFIED.
enteruserclockcross