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
* Final Walk-through
Congratulations! The Purchase or Refinance is complete!