Not sure where to start? Call Aqua Home Loans today at 808.270.1111 for a quick phone call to go over your questions, and get a quick preliminary assessment of your loan file over the phone. Every loan file is unique, and the team at Aqua Home Loans looks forward to customizing the best solution for you, around your busy schedule.
Below is a summary of the mortgage loan process:
1 - Application/ Prequalification
Contact loan originator for financing information
Gather information needed for your application
Complete application and documents requests
2 - Finding A Home
Call your Realtor and begin the search for your new home
Notify your loan officer as soon as purchase offer is accepted
Loan originator discusses qualifying, monthly payments and cash needed for closing
Loan originator explains various loan programs available and quotes interest rates
You review and sign opening disclosures from loan originator (usually electronically, sometimes via "wetsigning")
3 - Inspections
Buyer's home Inspection- while not required, it is highly recommended. This is different from an appraisal, and outlines any possible issues such as plumbing, electrical, and structural.
Appraisal Inspection (ordered by the bank)
Possible Termite Inspection and Surveys of the property, depending on the purchase contract
4 - Underwriting/ Approval
All supporting documents and loan application are submitted to bank underwriter for review
Processing orders income and housing verifications, as well as title/ escrow documents
You choose homeowner's insurance
Conditions list generated by underwriter of an items needed to close, such as updated paystubs/ bank statements or letters of explanation
5 - Closing
Final Loan Approval!
Draft copies of settlement costs and closing documents are sent to title company
All parties review and approve final settlement statement
All borrowers sign final documents with Notary Public
Congratulations! The Purchase or Refinance is complete!