Buying a new home can be a daunting task. At ALLIANCE, we have created a road map to help you every step of the way! We offer a Down Payment Assistance Program and some of the lowest rates on VA Loans to help you break the cycle of renting!

Interested? 

Contact an ALLIANCE Home Loan team member today at 806.776.0991. Click HERE to request an appointment or apply online now! From completing your initial application to move in, we are here for you. 

01 COMPLETE INITIAL APPLICATION & INITIAL PREQUAL

The initial application is a crucial step in the home buying process. Once you are pre-qualified, you will learn the loan amount you are qualified for which will give you an idea of your budget. Realtors will take you more seriously when you already have a pre-qualification in hand which can help speed up the home buying process. At ALLIANCE, we make the initial application process easy. To get started now, click HERE. You can also set up a time to meet with a mortgage lender by calling 806.776.0991 or clicking HERE. 

02 FIND A HOME & MAKE AN OFFER

The most exciting and fun part of the home buying process. A good way to kickstart your search process is looking at websites like Zillow or Trulia.

03 UNDER CONTRACT

This part of the process is when the buyer has made an offer and the seller has accepted, but the sale needs to be finalized. There are requirements that need to be met by the buyer and seller during this step. If the requirements are not met, the contract is breached, and either party can back out of the sale. Other people can still make offers on the home at this time since the sale is not finalized. 

04 SIGN INITIAL DISCLOSURES & PROVIDE INITIAL DOCUMENTS

The initial disclosures are the terms of the mortgage application and the federal and state required mortgage disclosures. The initial disclosures provide you an idea of what the loan amount is and its structure. The initial documents that need to be provided are the deed, tax declarations, and the seller's affidavit. 

05 FILE ASSIGNED TO PROCESSOR & FILE TO UNDERWRITING

In this step, your information is passed on to a processor. A processor is someone who collects all the information for the loan and makes sure it is in order. Once the loan information is in one place and organized, the processor will pass the information on to the underwriter. 

An underwriter looks at all the information to make sure the risk of offering the mortgage is not too great. They will do a deep review of your credit and work history, as well as looking at your debt-to-income ratio to make sure you meet the lenders standards.

06 WAIT UP TO 5 DAYS

07 CONDITIONAL APPROVAL & 2ND ROUND OF DOCUMENTATION

Conditional approval is when the underwriter is mostly satisfied with what has been provided, but minor changes need to be made, hence “condition”. Before you can move on in the loan process, you will need to provide the conditional information requested by the underwriter or second round of documentation to the underwriter before you can close. 

08 BACK TO UNDERWRITER & CLEAR TO CLOSE

At this stage, the underwriter will look at the second round of information provided and will approve you for the mortgage, if conditional requirements are met. You will then be cleared to close on the home. Closing on a home means signing the documents that make the house officially yours.

09 CLOSING DISCLOSURE 3 DAYS PRIOR TO CLOSING

The Consumer Financial Protection Bureau’s Final Rule states that the closing disclosure documents be delivered to you 3 days prior to closing. These documents list out all the terms in the loan you are taking out and also gives you time to ask the lender questions if necessary.  

10 WAIT 3 DAYS

11 CLOSING

The main items you will be signing at closing are the Deed of Trust or Mortgage, The Promissory Note, and a Closing Disclosure. At this time, you will also pay your down payment and closing costs which is usually between 3-5% of the loan amount. Once everything has been signed and completed, you will receive the keys to your new home!

12 MOVE IN

After moving into your home, there is still some planning to do. Remember to put your mortgage payment into your calendar so you don't miss it or set up automatic ACH mortgage payments so you don't have to remind yourself each month. And, most importantly, enjoy your new home!