The Home Buying Process at Jersey Mortgage Company

Get the dream home you desire with the help of our Connecticut Mortgage Company 

Buying a home requires not only finding the perfect house, but also finding the perfect lender— a trusted provider that has the right options for your needs. Jersey Mortgage Company is a recognized lending leader with decades of experience helping NJ, NY, and CT families realize their first and second home buying dreams. Because we are an award-winning direct lender and distinguished member of the LendRIGHT lender excellence program, we can offer you more options, in-house processing and a more streamlined and uncomplicated home buying process overall. It’s what we do best.

The experts at Jersey Mortgage Company will guide you through the 3 main phases of the home buying process to ensure that you have all the information you need when you need it.

3 key phases of the home buying process

1. The home loan application process

After consulting with one of the home loan specialists at our mortgage company in NJ, you’ll go through the pre-qualification home loan process. By doing this prior to signing a purchase contract on a home, you can eliminate most of the obstacles to borrowing without jeopardizing the actual purchase transaction. Once your home loan is approved, your real estate loan closing will be quick and subject only to a satisfactory appraisal and title report on the home.

During the pre-approval process, we will need to verify certain information about you and the property. Your information will include: verification of income and employment, assets, and your credit history. Some of this information will come from you as part of your application process, while other information, like your credit history, will be obtained directly from the credit bureaus.

The property information will include, in most cases, an appraisal and a legal description of the property, such as a title report. We have a list of “approved appraisal companies", so if you have an old appraisal, we may be able to accept it.

2. The home loan approval process

During the "processing" and/or "underwriting" period, your credit, assets, income and other determinants are checked and compiled. Your home loan will then be approved with conditions, approved without conditions or declined. The conditions are documented and/or followed-up on in order to finalize your loan.

Some borrowers become frustrated by conditions that surface at the end of a loan transaction, and question why these issues are being raised so late. Final conditions are sometimes added for final approval. Our mortgage specialists do their best to help you through the process.

Since most loans are sold and serviced by other parties, the lender must verify that the loan can be sold upon closing. Not to worry, no other terms of your loan can be changed after you have signed your final loan documents. When all conditions are met, your loan documents are drawn up and forwarded to the place of settlement or closing, typically a title and/or escrow company.

3. The financial key to speeding both processes

It’s important to keep your financial status clean and unchanged during the home buying process. Even applying for a new department store credit card can cause a problem. Such a scenario could, at the very least, require an explanation. And in the worst case, could cause your loan approval to be withdrawn. Often a final credit report update and additional calls to your employer will be required before funding the loan.

Basic steps of the home buying process

This chart will help you understand the main steps of the home buying process, the details involved, and who is responsible for each step.

Event

Who Does It

Details

Review our loan information

Applicant

Before you begin an application, please review loan information from:

Apply

Applicant

Complete an application. This will set the process in motion.

Loan Originator Contact by Phone

Jersey Mortgage Company

Your first connection with your loan originator will get a dialogue started which will insure that you get the loan that you want.

Credit Check & Prequalification

Jersey Mortgage Company

We pre-approve you using our artificial intelligence software, or underwriting your loan in-house. Our system will assess your credit, income and assets to quickly determine what loan(s) you qualify for.

Required Loan Documentation and Paperwork

Applicant/Jersey Mortgage Company

Paperwork is still a big part of the loan process. We will mail you forms to sign and a document checklist.

Rate Lock & Appraisal

Applicant/Jersey Mortgage Company

Once we determine your loan amount, type of loan and rate, your loan agent will recommend the appropriate time to lock the rate with a lender.

Loan Submission for the Best Rate/Program

Jersey Mortgage Company

Once all of the paperwork is assembled by our processors, your package will be forwarded to underwriting for approval.

Underwriting and Approval

Jersey Mortgage Company/Lender

An underwriter will review the package and fax an approval to Jersey Mortgage Company and any conditions necessary for the approval. Most conditions are taken care of by Jersey Mortgage Company.

Clear Loan Conditions

Jersey Mortgage Company

Our closer gets the conditions from underwriting for final preparations to close.

Loan Documents Delivered

Jersey Mortgage Company/Lender

Loan documents are prepared and delivered to the escrow agent. The escrow agent will call you to arrange a signing. This is coordinated by your loan originator, your Realtor and the escrow agent.

Loan Funding

Escrow/Jersey Mortgage Company/Lender

Once the signed documents are returned, they will be reviewed. The escrow agent will request a wire transfer of the loan funds, close and record the transaction.

For more information related to the home buying process, see:

To learn more about the home buying process, click here to contact Jersey Mortgage Company in NJ today. You can also call us at  800-342-6597 or get a Quick Rate Quote now.