5 Steps to Obtaining a Mortgage through Howard Hanna

Buying a home is one of the more significant financial decisions you are likely to make. But like most big tasks, it's much easier to understand - and accomplish - when a knowledgeable professional assists you.

Your Howard Hanna Finance Manager will fully explain the process and provide the professional service and counseling you need to secure a home loan with a competitive interest rate and reasonable costs. We will then manage your home loan from pre-approval through closing.

Step 1 - Getting Pre-Approved to Purchase

Starting your home buying process in the right place can make the entire process more enjoyable. Financing is the best place to begin in order to ensure a smooth transaction. Becoming Pre-Approved will help you:

1. Determine a price range that is financially comfortable for you
2. Save time by focusing your home search on only those homes in your price range
3. Eliminate stress by completing most of the required paperwork up-front
4. Show any Seller that you are a serious buyer who is ready and able to purchase their home

Calculate your buying power or Click to begin your pre-approval process today!

Step 2 - Applying for Your Home Loan

When you have selected a property and your purchase offer has been accepted, it is time to apply for your loan. Before your initial consultation with your Howard Hanna Finance Manager, it is important that you gather the following necessary documents, and that you remember to bring them with you to your application meeting:

• Fully executed purchase agreement, including all addenda
• Application fee for appraisal and credit report
• Most recent 30-day pay stub(s) showing year-to-date earnings
• Past two (2) month's statements for savings, checking and investment accounts
• Prior two (2) year's W-2 forms (if self-employed, 1099, K-1's, year-to-date profit and loss statement, and corporate tax returns)
• Photo I.D.

Additional Information that may be required:

• Prior two (2) year's tax returns
• Documentation of other income sources that you would like considered in repayment of your loan
• A gift letter from the person giving you a gift of money to assist you in the purchase of your new home
• Documentation of all outstanding loans, lines of credit, credit cards or any other outstanding debts

It is important that you provide us with as much information as possible at application. Complete information will allow your Finance Manager to select the best loan program for your particular needs, secure you the best interest rate and submit your loan application immediately to expedite your loan process.

Step 3 - Processing Your Home Loan

Once you have chosen a loan program, your Howard Hanna Mortgage Team will begin to process your loan. We will verify the information provided in your application, as well as order an appraisal of the property you are purchasing. If additional information is required, we will contact you.

Throughout the process, your Howard Hanna Mortgage Team will frequently update you on the status of your home loan. When we have collected and verified all of your information, your loan application will be submitted to underwriting for approval.

Step 4 - Approving Your Home Loan

Our Underwriters will thoroughly review your application, focusing on the following key factors:

• Your employment history and stability
• Your income as compared to your outstanding debts
• Your credit history
• Your available funds for down payment and closing costs
• Your certified appraisal of your property

We may identify additional conditions that must be satisfied before final approval can be issued. If this occurs, your Howard Hanna Mortgage Team will review any conditions with you and help resolve them. When all conditions are cleared, your loan is APPROVED. Written notification of your approval will be sent to you.

Step 5 - Closing Your Home Loan

Upon final approval of your home loan, your Howard Hanna Mortgage Team will prepare your closing documents and forward them to Erie Title for closing services. A settlement coordinator will contact you to schedule a signing appointment. Once all required documents are signed and recorded, your home purchase is complete

Call our in-house Finance Managers today for your FREE preapproval!

Forrest Jewell (724) 877-4337