Getting to know you is our favorite part of the process. At The Florist it all starts with a conversation. We will discuss your credit history, income and assets, explore your wants and needs, and set expectations. This enables us to discuss the best available financing options for you.
Once we know what your credit score is, and an idea of your budget, it’s time to start the application process. Having this information up front gives us a head start and allows us to fly through the rest of the process. You can complete your application in-person, over the phone, or via self-service using our secure online application.
After an initial look at your application we will be able to determine if you have the necessary assets and documentation to get you to pre-qualified status. This will help guide us on loan program recommendations and find the one that best fits your needs and budget. Once we have found a loan option, it is time to submit your information to underwriting to get you a Pre-Approval.
The Florist wastes no time getting your loan application and supporting documents to an underwriter. An underwriter is a mortgage professional who will evaluate your financials including assets, liabilities, work history as well as the loan structure itself. In some instances, the underwriter may require further documentation, we will work with you to get that to them as soon as possible to keep the process moving forward.
Congratulations, you are pre-approved. This is the result of our combined efforts getting all necessary information to the underwriter to come to a determination. You are now approved for a mortgage and know what price range you should be looking in. This is very helpful when looking for a new home with your realtor, and puts you in a good negotiating position as well. This says to the seller, “My financials are in order and I can close sooner than later”. Something sellers like very much.
Do you have an agent? Now that you are pre-approved and know what price range you are looking in you are ready to engage with a Realtor to start shopping. If you don’t already have an agent, we have a solution for that as well. Click here to view our real estate services offering where we can save you up to 20% off of your real estate agent’s commission.
Once you have found your home and put in an offer, it is time to order the appraisal to determine the homes true market value. In some instances, we can obtain an appraisal waiver. Ask your loan officer about this option. If an appraisal is necessary, we will schedule that for you. An appraisal makes sure the value of the home meets the guidelines of the loan.
Our process is goal-driven rather than deadline-driven. Most lenders work based on either a closing date or deadline. At The Florist we do things differently. We get it done as soon as it can be done. We have a streamline process and a team of mortgage professionals that look at your loan several times a day. We track how the appraisal is coming along, work with you to clear up any conditions set by the underwriter and keep you informed along the way. This streamline process allows us to process over 75% of our loans in 15 business days or less.
The Underwriter reviews your loan again to ensure all conditions have been met and the appraisal has returned a favorable outcome. It may be necessary to pull an updated credit report to ensure no additional debt has been applied for. At this point the loan process is complete and ready to schedule signing of documents and initiate the closing and funding process.
The Florist stays with you throughout the entire process. Even though there may be another title and/or escrow company executing the signing of your final documents, we are here to answer any questions that might come up. Now, that your signatures are collected on all legal documents, some get notarized and recorded with the county and some go back to the lender. Once the documents are recorded, and funds have been transferred to the seller, your realtor will be contacted. They will set up a time to transfer the keys to you. Enjoy your new home!