Harris Doyle Partners with Silverton Mortgage to Take Advantage of Steady Interest Rates
Financing a home can be stressful, but it does not have to be! The Federal Reserve announced that interest rates will remain steady through 2020. This is great news for homebuyers. It is the perfect time to buy your new home with Harris Doyle in Birmingham, Auburn or Lake Martin. Harris Doyle has partnered with Silverton Mortgage to reduce stress over choosing the loan option that is right for you. They are not your average lender. Like other lenders, Silverton offers all the traditional loan programs, like Conventional, FHA, VA, USDA, Jumbo, HomeReady, and more. Silverton also has more niche programs like 100% Conventional Financing, MH Advantage, and Down Payment Assistance programs. Silverton’s proprietary program, Silverton Secure+ even allows potential homebuyers to secure their financing before deciding on a specific property. All of these could potentially be options for you as you progress along your homebuying journey.
What does the mortgage process look like?
Perhaps the scariest part of becoming a homeowner is simply getting financing. While it may seem daunting, having the right people in your corner makes all the difference. Ready on to learn the six steps that are involved in the mortgage process.
Step One: Pre-Approval
During this stage of the mortgage process, your lender determines whether you’re qualified to borrow money. This is done by taking a close look at your credit, employment history, and income to verify the maximum amount you’ll be able to borrow. An experienced loan originator at Silverton will use this information to help determine which loan program is right for you, taking into account down payment amount and available interest rates. Your pre-approval gives you an idea of how much you can afford and puts you on the right path of finding your dream home.
Step Two: Submit Initial Documents
After the pre-approval process, you’ll have to determine the type of mortgage loan that is appropriate for you and submit specific documents to verify you income and prove that you’re able to afford the loan. This typically includes your previous two years of tax returns and W-2’s along with 30 days of pay stubs. You’ll also have to disclose any additional income such as alimony, bonuses, freelance work, etc. This information is used to show that you have the funds for a down payment, closing costs, and any other fees that may occur. Requirements vary based on your loan type, but a credit check is also necessary.
Step Three: Processing
Once initial documents are submitted, an experienced processor reviews, packages, and monitors your loan request. A processor collects all the information needs to approve the loan. They also contact credit bureaus, employers, accountants, and anyone else needed to verify your information. Your processor will also be the one who schedules your closing appointment. The processor is a crucial element in the loan process as they keep your loan on track from start to finish.
Step Four: Underwriting
Once the processor has gathered all the supporting documentation, your loan is sent to the underwriter. It’s the underwriter’s job to review it and assess your lender’s risk in working with you. To issue mortgage commitment, the underwriter will look at your credit history, proof of income, debt-to-income ratio, savings, and any other factors that help them determine whether you’re financially ready for the responsibility of a mortgage. It’s also their job to look at the value and type of property in question to ensure that the mortgage terms are fair for all parties.
Step Five: Pre-Closing
Once your loan has been underwritten, it’s time to finalize all the details of your loan with the lender and get everything in place for closing day. This includes securing homeowners’ insurance set to go into effect the day you move in. Doing your due diligence during the pre-closing ensures a smooth closing day for you and everyone involved. Your closing attorney will also send you electronic wiring instruction for your down payment and closing fees.
Step Six: Closing
This is the final step to becoming a homeowner. The good news is that the brunt of the work has already been done. Now, all that’s left to do is sign lots of paperwork and confirm your electronic wire has been received. You’ll also need to bring a photo ID. When it’s all said and done, you’ll get the keys to your home! Your first mortgage payment will be due one month after the last day of the month you close.
While it can seem overwhelming to embark on the journey of homeownership, it’s important to remember that you have a lot of people, including your mortgage loan originator, working on your behalf who can help you through the process.
Meet our Mortgage Loan Originator, Stephanie Gant
Stephanie began in the loan funding department and soon moved to the position of Loan Processor. For the last ten years, she has worked as a Loan Originator in top producing offices in the greater Birmingham, Alabama, area. Her broad base of experience gained from working in various positions in the mortgage industry allows her the privilege to help homebuyers realize their dreams, whether it be a first-time home purchase, a forever home, a vacation home or a refinance. You can get a rate quote and get pre-approved today by contacting her at firstname.lastname@example.org or (205) 516-7282. Relax. We’ve got this!