Diane Hourany's Blog

Getting a Loan – Step 6: Documents Are Drawn

Posted On: Wednesday, February 8, 2012 - 5:46am
Tags: closing, loan application, loan approval, loan documentation, loan submission, mortgage broker | Topics: Buyers and Sellers

You've made an offer that has been accepted by the seller, your mortgage broker has sent in your loan package and the lender has not only approved you but the home you're buying. They've agreed to give you the money!

What's next?

Getting a loan - Step 5: Loan Approval

Posted On: Monday, February 6, 2012 - 5:31am
Tags: loan application, loan approval, loan documentation, loan submission, mortgage broker | Topics: Buyers and Sellers

Your offer on your dream home has been accepted and the loan application is in process. Now you're waiting for the final loan approval.

Low Interest Rates Expected Through 2014

Posted On: Thursday, February 2, 2012 - 4:58am
Tags: down payment, economy, Federal Reserve, housing, interest rates, unemployment | Topics: Buyers and Sellers

Although the economy is doing moderately well, unemployment remains high and housing in most of the country is still doing poorly. The Fed has announced that it will not raise interest rates until the end of 2014.

Getting a Loan - Step 3: Awaiting the Documentation

Posted On: Thursday, February 2, 2012 - 4:35am
Tags: loan application, loan documentation, loan submission, mortgage broker, pre-approval letter | Topics: Buyers and Sellers

Your offer has been accepted for your dream home and your mortgage broker has begun the process of getting loan approval for you. He's ordered the documentation the bank requires.

Now we're Awaiting Documentation.

Getting a Loan - Step 2: Ordering the Documentation

Posted On: Wednesday, February 1, 2012 - 5:21am
Tags: appraisal, credit report, loan application, loan documentation, mortgage broker, pre-approval letter | Topics: Buyers and Sellers

Yesterday we talked about the first step in getting a loan to finance your home purchase. After selecting a qualified, local mortgage adviser and providing him with your paperwork, he has issued a pre-approval letter for you to submit with the offer for your home. When your offer is accepted, things kick into high gear.

Find Out What It Takes to Get a Loan These Days

Posted On: Tuesday, January 31, 2012 - 3:19pm
Tags: loan application, loan documentation, mortgage broker, pre-approval letter | Topics: Buyers and Sellers

Before you even start your house hunting, you need a license! I liken the pre-approval letter from a qualified mortgage broker to a license to go house hunting. Without that piece of paper, you may think you know how much you can afford to pay for a home, but the banks may have a different idea of what you can qualify for.

SF Rent Board Announces Annual Rent Increase

Posted On: Tuesday, January 31, 2012 - 6:07am
Tags: annual rent increase, landlords, rent board, rent-controlled properties | Topics: Laws and Regulations

Every year, the SF Rent Board calculates the amount landlords can increase rent on rent-controlled properties. Effective March 1, 2012 through February 28, 2013, the allowable annual increase amount is 1.9 percent.

10 Steps to Successfully Buying a Home - Step 10: Celebrate!

Posted On: Tuesday, January 24, 2012 - 5:16am
Tags: close of escrow; recorded deed, signing appointment, title company, tranfer funds | Topics: Buyers and Sellers

You've had your inspections and the loan has been approved. Now it's a countdown to the close and our final step, Close of Escrow.

Step 10: Close Escrow - When all of the conditions of the purchase agreement have been met, you will sign your loan documents and closing papers. You will deposit the balance of your down payment and closing costs to escrow and your lender will deposit the balance of the purchase price.

10 Steps to Successfully Buying a Home - Step 9: Remove Contingencies

Posted On: Monday, January 23, 2012 - 5:46am
Tags: appraisal, contingencies, earnest money, initial deposit, inspections, insurance, removing contingencies | Topics: Buyers and Sellers

Your offer has been accepted for your dream home and you're in the escrow period, during which the lender processes your loan and you conduct your inspections of the house. Once the lender has approved your loan, the appraisal has come in at the price you paid, and the inspections have passed your test, it is time to remove the contingencies.