Purchase Process

1

Getting to Know You

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.


Important Questions and Information
  • What price range should you be looking at to purchase a home?

    General guidelines state no more than 1/3 of your household gross monthly income should be allocated for a monthly house payment.


  • What is your credit score?

    The higher your credit score, the better interest rate will be available to you. Obtaining your credit report to check for errors, does not affect your score negatively. In fact, you are entitled to a free credit report from the three reporting agencies annually. We are happy to run all 3 scores for you. Talk to one of our loan officers or start an online application.

    Get Free Credit Report

  • Gather Documentation

    Items such as W2s, pay stubs, bank statements, your employment history and more will be necessary to Pre-Qualify or Pre-Approve you for a loan amount. The Florist has made it easy, if you submit your information through our online portal, it will gather much of that information automatically, saving you time and money.

    Submit Documentation Online

2

The Application

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.


Important Note

It is very important that once you have applied for a mortgage that you do NOT apply for other lines of credit such as a department store credit card, or submit a loan application for a car or anything else that would negatively affect your credit score or debt to income ratio.


3

Pre-Qualification

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.


4

Underwriting

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.


5

Pre-Approval

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.


6

Start looking for your home

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.


7

The Appraisal

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.


8

Loan Processing

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.


9

Final Underwriting

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.


10

Closing and Funding

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!