We’re committed to making the experience of purchasing a home simple and enjoyable for you. We've worked hard to streamline our loan process to provide you an experience that leaves you with a smile on your face and keys in your hand. Outlined below are the steps involved in a typical loan process to purchase a home.
Get Pre-Approved - Your VITEK mortgage loan originator will collect some information and documentation from you to determine how much home you can afford.
Select a Real Estate Agent - A real estate agent can help you find a home, negotiate a
successful offer and generally represents your interests throughout the escrow process.
Find a Home - Once you find the home you want to purchase, you will sign a purchase contract with the seller. You will need to send us a copy of the contract so that we can begin processing your loan. You will also receive disclosures from us describing the loan terms and conditions.
Contingency Period - The contingency period refers to a contingency clause in the purchase contract. It allows you to cancel the contract within a specified period of time, without forfeiting your deposit, if certain conditions are not met. The time frame generally ranges from 10-30 days. During this period, your real estate agent will help you:
Review and approve the Seller’s Real Estate Transfer Disclosure Statement
Review and approve the Preliminary Title Report
Contract for physical inspections
Order, review, and approve requested or required inspections
During this time, your VITEK mortgage loan originator will work to satisfy any loan contingencies specified in the purchase contract.
Homeowners Insurance Coverage - You will need to determine which homeowners insurance company will provide you the best coverage at a fair price. Homeowners insurance must be in place prior to close of escrow. If you are in a flood zone, you will also need flood insurance; VITEK will help you make this determination.
Down Payment and Closing Monies - Prior to closing, VITEK will provide a Closing Disclosure which will outline an estimate of your closing costs. Typically, you will bring a cashier’s check to the title/escrow company when you go to sign, a few days prior to closing.
Signing Documents - VITEK will prepare documents for you to sign. We will also transmit the documents to the appropriate location for signing, typically the title/escrow company. You will receive copies of all title and lender documents you sign.
Funding - The escrow company will now send your signed loan documents, along with any outstanding loan condition documentation, back to VITEK. Once all documentation has been reviewed, VITEK will wire loan funds to the escrow company.
Close of Escrow - Once the escrow company verifies receipt of the wired funds, they will arrange for the deed of title to be recorded in your name at the County Recorder’s office.
Congratulations, at this point you will be the proud owner of a new home!
We'll walk you through each step of the loan process. Contact us today to get started!