A Pre- Approval letter is your door opener! Industry professionals and perspective Sellers can actually determine the level of seriousness and commitment to your purchase by presentment of a this document.. Read more about the Pre-Approval Process.
Review & Sign Loan Disclosures
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Within three days of receiving your contract your Beacon Point loan Officer will send you a Loan Disclosure Package. If you have any questions, we will timely respond. Our goal in sending these disclosures is to demonstrate that we do not intend to over-charge you in excess of government limits, to discriminate, or treat you unfairly. Once you have reviewed, signed and returned your loan disclosures, we will then order the Appraisal. collect the appraiser's fee from you and then place your file with Underwriting.
Go House Hunting
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We are happy to crunch some numbers on any house you are interested in and give you a good idea of the estimated payment amount and cash to close. Or you can download our Beacon Point's mobile app on your phone. Read more.
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While your file is in underwriting It is a good idea to start shopping around for Home Insurance quotes, but stop all other shopping, like opening new lines of credit. Check out our tips on Prohibited Applicant Conduct. These are actions that may undoubtedly lead to denial of your application by underwriters.
It is typical for underwriters to come back with conditions for you or the property owner to fulfill in order to get a "clearance to close" commitment.
Upload Sales Contract
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Upload the contract only after all seller have signed the contract. When we receive the fully executed Sale Contract we will start to work on preparing your the Loan Disclosures, a package of documents that federal laws.
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Next, you can expect even more disclosures from us. Specifically, a Closing Disclosure will be sent to you no more than five days before your closing can happen, if sent by mail or three days before your closing if this is hand delivered or sent electronically.Since we operate electronically, look out for your closing disclosure. It will reflect all of the final costs associated with your loan and give you a more accurate picture of the cash needed to close. Read more.