Lehigh Valley Real Estate - Tips 4 Homeowners, Buyers & Agents

Lehigh Valley Mortgage  & Lehigh Valley Real Estate – What should you know about The Mortgage Process? What are the Key Elements to getting a Mortgage?

We will hold your hand through the entire process of getting pre-qualified, how to negotiate the best rate and terms,  What you should expect from your Mortgage Advisor and what information should you be getting from them during the pre-qualification stages. 

Tell me? If you have never bought a home or have not bought a home in the last 5 years for more, How would you know how to do any of this? That is exactly why we are providing you with this information.

Please welcome my guest writer and Local Mortgage Advisor,  Melissa Falcone with Allied Home Mortgage Corporation in Bethlehem.

View this Topic by Video – But make sure to review some of the information below as we have included links to other important references you should know about the Lehigh Valley Mortgage Process.

There are four main key elements that make up the Lehigh Valley mortgage process.

1.    Pre-Qualification:

a.    I speak with prospective buyers and obtain basic information and pull your tri-merge credit report.
b.    With this information I match you with a loan program that meets your needs and goals. 
c.    I contact you to discuss the results, recommendations, monthly payment options, and closing costs and Good Faith Estimate.

2.    Submitting a Lehigh Valley Home offer:
a.    A pre-approval letter will be provided to your REALTOR® to submit with your offer.
b.   We will revisit the monthly payment and closing costs as there will be a better understanding of what the purchase price will be as well as the real estate taxes.

3.    Your Home Offer was Accepted:
a.    The Agreement of Sale is signed by all parties and provided to your Lehigh Valley Mortgage Advisor. 
b.   We will set up a time for you to sign the application package.  At this time you will provide copies of your photo     ID, employment information, income information and tax returns.
c.    I will order title and your appraisal.
d.    You will select your chosen Home Owners Insurance for the property and provide the agent’s name and phone number to me.
e.   The application package, your documents, the appraisal, title commitment, and home owners insurance declaration page will all be
submitted to the underwriter.
f.    Should we receive what’s called a ‘conditioned approval’, we will quickly provide the underwriter with the documentation they request.  This is common so your cooperation is
needed and appreciated.

4.     Clear to Close:
a.    You are now ‘clear to close’, meaning all the documentation submitted to the underwriter has been approved and your file has been moved to the closing department.  The time the settlement will take place is confirmed.
b.    A final settlement sheet is created, reviewed and approved by the lender.  The title company, REALTORS® and clients will all receive copies of the settlement sheet a couple days prior to closing.
c.     I will also notify you who the certified check should be made out to and what the dollar amount should be.
d.   You will need to bring photo ID (and a change of address card if applicable), along with your certified bank check to the settlement table.

Lehigh Valley Home Buyers mentioned that other related Topics in the Home Buying process where also helpful; Closing Costs, What is a Good Faith Estimate? The First 5 Steps to buying a home, and How When and Why to Get Pre-qualified.

* Lehigh Valley Mortgage: The Mortgage Process, Key Elements need to know* Moriah Martin is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 United States License