Maximize your chances

With inventory diminishing daily and multiple offers becoming common, it is of great importance that you position yourself to have the “BEST CHANCE” to get your offer accepted. You enhance your chance of getting the home of your choice by doing the following:

  • Get Pre-qualified for your purchase: This takes very little time and is based on unverified information. This identifies the price range for which you qualify and which fits your lifestyle.
  • Get pre-approved for your purchase: This takes a bit more time but is of great value. This is based on verified information and credit approval.
  • Submit a strong competitive offer: Submit the offer as if there will be multiple offers in an escalating market.
  • Include substantial earnest money deposit: Acceptance of an offer is sometimes determined by the amount of the deposit. A larger amount may signify a bigger commitment to the seller.
  • Minimize or eliminate contingences: The fewer contingencies, the stronger the offer.
  • Make a buyer profile available: Time on the job, flexibility, reason for purchasing the seller’s home, etc.
  • Be prepared to view a new property quickly: Homes sell sometimes in hours. Be prepared to make decisions quickly and be accessible to change the terms instantly.

The Loan Process 


Prequalifiaction/Interview

  • Application interview and lender obtains all pertinent documentation.

Order Documents

  • Order credit report, appraisal on property, verifications of employment, mortgage and/or rent, and funds to close, landlord ratings, and commitment of title insurance.

Loan Submission

  • The loan package is assembled and submitted to the underwriter for approval.

Documentation

  • Supporting documents come in.
  • Lender checks on any problems. Requests for any additional items are made.

Loan Approval

  • Parties are notified of loan approval and conditions.

Documents are drawn

  • Loan documents are completed and sent to Sonoran Title Service. Borrowers come into Title Security Agency for final signatures.

Funding

  • Lender reviews the loan package.
  • Funds are transferred by wire or check to Sonoran Title Service.
  • Sonoran Title Service records the Deed and Deed of Trust with the County Recorder’s Office.

Dispersal of Funds
 

 
Escrow is now officially closed!!!!!

Loan Information

The following information will be needed at your loan application:

  • Copy of accepted earnest money contract.
  • Residence addresses for past 2 years (landlord addresses if applicable). 
  • Name and address of employers for past 2 years with W-2’s, 1099’s, etc.
  • Pay stubs showing gross monthly salary and all deductions, for 1 month period.
  • Names, addresses, account numbers, and balances of all checking and saving accounts.
  • Last 2 statements on all checking, savings, investments, IRA’s, etc., accounts.
  • Names, addresses, account numbers, balances, and monthly payments on all open charge accounts.
  • Addresses, loan information, and lease agreements on all other real estate owned.
  • Estimated value on all furniture, clothing, jewelry, and other personal property.
  • Face value and cash value of life insurance, retirement accounts, and profit sharing accounts.
  • Certificate of Eligibility and/or DD214 for VA loans.
  • Money for credit report and appraisal. 
  • If self-employed, 2 years tax receipts with all schedules, YTD P&L statement with balance prepared by a CPA. 
  • If incorporated, 2 years corporate tax returns.
  • Divorce decree, if applicable. 
  • Complete bankruptcy papers, if applicable.

!!!!LSR EXAMPLE FLIER INSERT HERE!!!!