Step 1 – Get Pre-Approved for a home loan
The first step in purchasing a home is to get Pre-Approved by a professional Southpoint Financial Mortgage Loan Officer.
You can call and talk directly to an MLO who will take your application information over the phone which takes about 10 – 15 minutes and then he or she will pull your credit and get you Pre-Approved the same day.
You may also apply online on our website by selecting the “Get Pre-Approved” button. Select one of our MLO’s as your Loan officer and then he or she will be contacted immediately to download your application, pull your credit report and review for a Pre-Approval the same day.
Once you have been Pre-Approved, we will email your Pre-Approval Certificate so that you can provide that to your realtor, or we can also send that to your realtor as well.
Step 2 – Provide your Pre-Approval Certificate Letter to your realtor and start your home search
If you don’t already have a realtor, we would be happy to refer one to you, so just let us know!
Your realtor works on your behalf to search for the best home to me meet your needs. The realtor is compensated by the seller, so you, the buyer don’t actually pay their fee.
The realtor will negotiate with sellers and listing agents for you to get the best possible price and terms. Once your offer has been accepted you will now be under contract and ready to get your loan going. Your realtor will also coordinate your home inspections for you.
Step 3 – Send in your personal income and asset documents to your MLO
Go to the Client Resources Tab on the Home page and select the Document Checklist in the drop down box.
The Documents Checklist shows all of the personal documents that we will need in order to process your loan application. You can scan and email in most documents directly to your MLO, or you can schedule an appointment to bring them by the office.
Step 4 – Loan submission and processing and locking in your interest rate
Your MLO will update your original application with the subject property information, purchase price and closing cost terms and access interest rates to discuss with you. Your MLO will review your proposed monthly payment, interest rate and amount of funds needed for closing on your home loan.
Once you have agreed to the loan terms, you may lock in your interest rate so that it will not fluctuate prior to your loan closing. Your loan will be submitted into loan processing and the appraisal will be ordered. Your loan will be reviewed by an underwriter for a conditional loan approval.
Once all conditions have been met on the conditional loan approval, your loan will be submitted for final underwriting review and clear to close.
Step 5 – Final underwriting approval and Closing
Once we have your Final approval and Clear to Close we will set up your closing with the closing attorney or title agent to have you sign all of your loan documents and disclosures. Once that is completed your process is officially done.
Congratulations on your new home!