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Looking to buy a house soon. Let me take you behind the scenes of the underwriting process in the mortgage approval process itself. I want you to have a little bit of knowledge of what’s about to happen there. My name is Janine Sasso. I’m a local real estate agent in the northwest suburbs of Chicago, and I look forward to making you real estate journey an amazing one. Now we’re going to be looking at five things. And the very first thing we’re going to look at is verification.
Your lender will be verifying all the information that you put on your loan application. This might be just on a surface if they don’t perceive it as being too risky of a borrower or if it might go pretty deep in terms of how you really employed there, always how long have you been there? What is your monthly income? It might really drill down into a lot of things, including phone calls. So verification process is step one in the underwriting project.
Next up, we have appraisals. The appraisal process is something that we have in place in order to protect you from that overpay and to protect the banks and make sure that they are not just borrowing you too much money or not enough. So this prize is going to come up next in the underwriting process to make sure that good value is lined up all the time. That’s number three in the title insurance that we want to make sure that we have a title company, look at the property to make sure it’s pre-approved, that there’s no claims of insurance, no covenants, nothing that might influence your ownership from the past owner.
This is a crucial step and something that take a little bit of time. Next up is this love certificate as the property is located in the black zone. They definitely want to find out and give you a good insurance. And the property is not located in a love zone. That definitely doesn’t help. You have to give them a little bit more reassurance that they sell it. And the last thing that I look at is the survey. The survey is there so we can make sure that we know what the boundary and problems that are surrounding you are. We want to make sure that there is no dispute and know how would you? A neighbor might also be helpful.
Website is the template that you might that send. And yes, we can tell from the survey that oftentimes you don’t get the survey until close to or at closing. So if you see a neighbor, maybe ask a question. Now, one of the things sometimes that is, oh, we have an agreement, there might be a different site agreement that comes through where something is located. So don’t worry just because something comes up, it’s not the end of the world.
Okay. So hopefully you found it helpful if you are in the process of finding the perfect home and you see what you’re looking for on the market. I highly encourage you to do what most of our clients, they come to us and have a go and go do something else. And we came up with a great way for you to let us know right here. Right now, if you look at of market property, we have hundreds and hundreds of homes that we are telling people that you hit the market, they do not make it general. They do not make a direct and they do not make it to many of the other websites. They are in our private network and you can possibly go on to w w w this that we think would help. My name is Janine Sasso and the local suburb of Chicago and I look forward to helping you have you remember how to build things.
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