Standing Guard for the Home Buyer

Welcome to GiantLion

1. Pre-Qualification/Buyer Interview: This will start the mortgage approval process. This is a free service most lenders provide. Bringing GiantLion in at this point will help expedite your home loan process.

2. Finding the right house: Most buyers use a real estate agent for this but there are many sources including the Internet. Homebuilders may or may not pay your real estate agent for this service. The real estate contract is then drawn approved and signed. The contract can take on several forms. If a real estate agent draws it you will probably see the state promulgated form. Builders use their own forms.

3. Loans: During this time the type of loan and the rate you have to pay is negotiated. It is critical to advise your GL consultant during this phase. Predatory Lending may happen during this phase.

4. Processing: The loan documents are gathered by the mortgage company and the mortgage loan is prepared for approval at this stage.

5. Home Inspection and Appraisal: On a pre-owned home this is advisable. Most real estate contracts give you an option period to get the inspection. The home you purchased is appraised for the mortgage purpose. The appraiser is chosen by the Lender for the mortgage purposes. Legally you should be given a copy of the appraisal. Appraisers generally try to reach the value you pay.

6. Title Report: The title is researched so that a title policy can be issued that insures there are no unknown liens on the property.

7. Underwriting: During this process the loan you have chosen is either approved or denied.

8. Approval Conditions and Loan Approval: Your approval may be conditioned on more information or documentation. The final approval is issued. You should ask for this in writing with the terms of the loan restated.

9. Closing: During this phase you will visit the title office and an escrow officer will have the legal documents signed. You can request a copy of the closing statement 24 hours before closing. This is advisable to validate the rate, terms, etc.

10. Funding/Recording: The mortgage is funded, the seller receives the proceeds of the sale and all legal documents are recorded.