Hunter Financial Group Explains the Loan Process

The knowledgeable and professional loan specialists atHunter Financial Groupare committed to helping clients secure mortgage solutions tailored to their diverse needs. The company’s professionals support clients in a number of ways throughout the loan process. Above all, they dedicate their efforts to ensuring clients experience great customer service.

Pre-Stage& Prequalification

There are a number of steps that go into obtaining a home loan. Before securing a mortgage loan, individuals must obviously find a home to purchase. Hunter Financial Group is staffed with a number of professionals who are available to assist with a home prequalification. While searching for a dream home, one can submit an application for prequalification. Prequalified buyers are more attractive to sellers because they come to the table backed by funding. Hunter Financial Group can help clients interested in prequalification.

Most prequalification services are available at no charge. It is therefore wise for many clients, especially first time buyers, to take advantage of this step.Most clients typically receive their status within a few days. Results are sometimes returned in as little as a couple of hours.

To request prequalification, a potential lender reviews an applicant’s credit report and current financial picture. This includes a review of income, savings, and debt ratios. The lender then determines the loan amount available to the potential buyer.  At any time, the loan specialist may request additional documentation from either the client or associated third parties.

Credit Package

Upon locating a dream home, buyers and sellers come to terms on a price and execute and sign a sales contract. This document outlines the demands each party agrees to meet to realize the sale. Buyers must obtain the mortgage loan to pay for the property.

After the sales contract is signed, together the loan specialist and client review a statement that acknowledges the loan process. The lender is responsible for submitting the requested documents to the loan specialist. In turn, the loan specialist confirms when the documents are received. This allows the loan officer to lock in the loan, order, and appraisal.

Loan Processing&Underwriting

After the loan specialist receives all of the requested documents, the title, survey, income verifications, and pay offs are ordered. The loan specialist then prepares and packages the loan for its submission to the underwriting department.

The decision on the loan is made once it is received in underwriting. Decisions range from approval or approval with conditions tosuspended or denied. The loan specialist both obtains and submits the underwriting conditions. After this time, there are no obstacles or barriers to the closing process.

Closing

The Closing Department at Hunter Financial Group shines during the closing process.  They do a great deal of behind-the-scenes work on behalf of their clients. Working in tandem, the loan specialist and client review the loan figures to confirm their accuracy.

The loan specialists request loan documents and verify both the funding and disbursement amounts. An important part of their responsibilities are to confirm the HUD was prepared and disclosed. They also work with the closing agent to verify the loan documents are received and to coordinate the signing times.

Hunter Financial Group: Helpful Hints

Applying for a home loan is a very exciting, yet sometimes very stressful, process. By keeping a few helpful hints in mind, clients can rest assured of a rewarding experience. Because home loans rely heavily on credit and employment records, it is important individuals remember not to make any changes that would impact these factors during the prequalification or the loan process.

During the loan application process, it is important to refrain from steps that would have a negative impact on credit records. For example, potential buyers should hold off on applying for any other types of loans or credit before the loan is finalized. This includes transferring balances among credit cards to realize a lower interest rate. It is also necessary to make all outstanding payments on time.  New borrowers should take care not to change jobs until after a loan is closed.

In the event a borrower experiences any changes to their employment status or earnings, it is important to immediately notify the loan officer. This can include issues beyond the immediate control of the borrower. For instance, a loan specialist needs to know if a client’s employer undergoes a merger and changes names.

Hunter Financial Groupon Enjoying Home Ownership

Owning a home comes with a number of responsibilities. Buyers must pay down a mortgage for 15 to 30 years depending on the terms. Though this may sound like a long period of time, at the end of the term, individuals own their homes outright.

Homeowners immediately begin to realize deductions to their federal income taxes. The tax code allows individuals to deduct mortgage interest from their income. This results in fewer taxes owed to the government.

In time, homeowners begin to realize equity in their properties. As property values increase and the outstanding principle on the mortgage is paid down, home equity increases. This is a helpful asset that helps individuals secure future home equity loans in the event they desire to remodel or update their home.

Hunter Financial Group looks forward to helping customers realize their goals of home ownership. The professionals at Hunter Financial Group also assist current homeowners who wish to refinance or take out home equity loans. Hunter Financial Group prides itself on securing quality solutions for customers, all while providing first class service.