Many mortgage companies and borrowers start the mortgage process by discussing interest rates or monthly payments. At Spectra Mortgage, we take a different approach.
If the transaction is the purchase of real estate there will be many people involved at various stages of the transaction including your realtor, the seller, the seller’s realtor, the mortgage company, your insurance company, a title company, an appraiser hired by the mortgage company, and a home inspector hired by you. It is customary for the realtor you select and the mortgage company you select to communicate with and coordinate the activities of the other parties on your behalf. It is important that your realtor and mortgage company communicate to ensure that the transaction goes as smoothly as possible.
For refinance transactions, the purchase of real estate is not involved and therefore the process does not involve a seller or realtors. For the most part the mortgage company will handle the required activities and ensure they are completed.
Although each transaction is different, the general process for a purchase or refinance transaction is outlined below along with the party responsible for coordination, either your Realtor or the Mortgage Company, identified in parenthesis.
PURCHASE
Pre-Qualification (including review and analysis of credit) (SPECTRA MORTGAGE);
Determine the appropriate loan amount and purchase price (this will take into account many factors including the amount you qualify for, the total monthly housing expense that will fit your budget, the cost of housing necessary to meet your housing needs) (SPECTRA MORTGAGE);
Identify a suitable property for purchase (REALTOR);
Make offer and negotiate the purchase price (REALTOR) ;
Provide required documents to complete loan application (SPECTRA MORTGAGE);
Complete loan application, determine loan program and review loan costs and interest rate options in detail (SPECTRA MORTGAGE);
Sign all loan documents and disclosures (SPECTRA MORTGAGE);
Determine appropriate timing to lock in the desired interest rate (SPECTRA MORTGAGE);
Loan application is submitted (SPECTRA MORTGAGE);
Order title work on property and review (REALTOR AND SPECTRA MORTGAGE);
Complete inspections of property and resolve any issues (REALTOR);
Order appraisal of property (SPECTRA MORTGAGE);
Approval of Loan (SPECTRA MORTGAGE); and
Closing to Purchase Property (REALTOR AND SPECTRA MORTGAGE).
REFINANCE
Pre-Qualification (including review and analysis of credit) (SPECTRA MORTGAGE);
Determine the appropriate loan amount and purchase price (this will take into account many factors including your goals for refinancing, the amount you qualify for, the total monthly housing expense that will fit your budget) (SPECTRA MORTGAGE);
Provide required documents to complete loan application (SPECTRA MORTGAGE);
Complete loan application, determine loan program and review loan costs and interest rate options in detail (SPECTRA MORTGAGE);
Sign all loan documents and disclosures (SPECTRA MORTGAGE);
Order appraisal of property (SPECTRA MORTGAGE);
Order title work on property and review (SPECTRA MORTGAGE);
Determine appropriate timing to lock in the desired interest rate (SPECTRA MORTGAGE);
