CareyAnns Power Play Strategies

Greetings!

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What an exciting time! Purchasing your first home is a truly memorable experience, and here at CareyAnn & MyMortgageTeam, we want to make this journey as smooth as possible for you. Throughout the process, we'll send you email reminders and keep you updated on key milestones along the way.

 

It's important to us that you feel confident and comfortable, so if you have any questions or uncertainties, please don’t hesitate to reach out.

 

Please remember that timely responses to document requests or signatures are essential for keeping things on track. We also want to kindly remind you to continue paying all bills on time and avoid taking on any new debt until after closing. If an emergency situation arises and you need to take any action, please consult with us beforehand so we can help maintain your loan approval.

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Our goal is to ensure a smooth closing process, honor our commitments, and always do what's best for you.  Close communication and collaboration will help ensure your first home purchase is truly memorable.

 

We are thrilled for you and excited to be part of this journey.

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Here’s an overview of what you can expect moving forward with finalizing a mortgage for your first home:

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1. Application Completed – Now that your application is submitted, we’ll kick off the process.

2. Review & Options – One of our licensed Loan Partners will review your application and preferences, and provide you with a few options to consider. You’ll receive updates via call, text, and email.

3. Pre-Approval – If for any reason you’re not pre-approved right away (e.g., credit score), we’ll reach out to discuss any concerns. If it’s credit-related, we’ll help you through our Future Homeownership Program.

4. Document Collection – You’ll receive an email with a list of documents we need from you to proceed. Fast document submission allows us to get underwriting approval quickly, giving you more negotiating power and faster closing. Documents can be uploaded via our app or a secure link we’ll send.

5. Documents to Gather:

   • Two most recent paystubs (if employed)

   • Awards letters (if on fixed income like pension or social security)

   • 2023 and 2022 W-2s or 1099s (if applicable)

   • Last two years of tax returns (if self-employed)

   • Recent bank statements (2 months)

   • Retirement/brokerage account statements (if applicable)

   • Photo ID

6. Processing Phase – Our wonderful processors will review and verify all documents. They’ll reach out for any missing items. Your cooperation is greatly appreciated!

7. Underwriting & Approval – After verification, your loan will be reviewed by our underwriter. You may receive some conditions with the approval, but don’t worry—it’s normal, and we’ll walk you through any requests for additional documentation.

8. Use Your Approval Letter – Once pre-approved, you can start shopping for your new home or, if you’re already under contract, send us your contract as soon as possible.

9. Interest Rate Lock – After you’re under contract, we’ll present current interest rates and lock in your rate. If you’re purchasing within 90 days of your application, we also offer the option to lock early—just ask us!

10. Review Contract – We’ll review your contract and focus on any seller concessions or HOA requirements, but remember, we only handle the loan—any outside agreements will be added at closing, not in your loan docs.

11. Loan Estimate (LE) – Once we’ve gathered all the numbers, you’ll receive the LE, which will show estimated costs, including the monthly payment and cash to close.

12. Appraisal & Insurance – After you sign your intent documents, we’ll order the appraisal. You’ll also need to start shopping for homeowners' insurance. Having this squared away early will help avoid delays!

13. Title Search – Our title company will confirm there are no liens on the property and ensure everything is clear.

14. Final Approval & Clear to Close – After we receive the appraisal, insurance, and title, we’ll send everything back to underwriting for final approval. Once approved, we’ll celebrate the clear-to-close milestone!

15. Closing Disclosure (CD) – We’ll prepare your CD for review. After reviewing and signing, we’ll wait 3 business days before closing. The CD includes all exact costs, including any seller concessions or outside fees.

16. Funds for Closing – We’ll guide you on how to transfer closing funds safely. Wire transfers are preferable, but make sure to use the instructions we provide to avoid wire fraud.

17. Closing Day – On closing day, you’ll sign your documents, and soon after, you’ll receive the keys to your new home or be informed that your refinance has entered the recession period.

18. First Payment – After closing, you’ll receive your first payment letter with details. Be sure to verify the payment address, and you’ll be able to set up online payments for convenience.

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We hope this provides clarity on what to expect. The more informed you are, the more confident you'll feel throughout the process. At CareyAnn & MyMortgageTeam, we aim for 5-star reviews and happy clients every time. Together, we can make that happen!

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Again, we are thrilled to work with you and sincerely appreciate the opportunity.

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~ CareyAnn & MyMortgageTeam