Financing

Pre-approval is a great way to get an idea of what you can afford and how much your monthly payments will be. You'll find out if there are any other costs or requirements that might affect the loan, like down payment amounts based on credit scores. In addition, pre-approvals may also provide insight into one's financial situation before they apply for this type of assistance which could save them time waiting around wondering why certain things weren't taken care of automatically in some cases.

Whether you do this online, or in person, all buyers must apply for a mortgage loan within 5 days after signing an Agreement of Sale. This is a straightforward process of information gathering that should not take long to complete. 

Things you will need to bring or have when applying for a mortgage loan:

• The purchase agreement for the home you are buying
• W-2s for the last two years
• Statements for bank, stock and retirement accounts
• Copy of driver's license and social security card
  

The information you provided in your loan application will go through underwriting - the process financial institutions use to verify your eligibility to receive a loan. If everything checks out okay, approval for the loan is given.

It's important that you stay in touch with your mortgage representative. You received a great rate with your mortgage approval. Make sure you follow up on all items necessary to keep that commitment current. The Hallmark Sales Team will also help remind you about any items you may need. Some requests may seem 'repetitive' but be assured we are working for you to help you keep that great financing package you have secured.

The settlement or closing coordinator works in conjunction with your lender and the title company to prepare the settlement statement (often referred to as a HUD).

Congratulations! You've reached the final stage of your home buying process, and now you can finally move in. The keys to your new home are waiting for you at settlement.