News You Can Use

Buying a home can be exciting and stressful.  Much of a buyer’s anxiety can be reduced by understanding the home loan process.  Furthermore, open communication is an important part of a successful home financing process.  To help facilitate this, my clients and Realtors are systematically and frequently updated at the major milestones and each Friday.
 
Loan Application/Consultation

This stage is initiated by completing a Client Questionnaire. An initial preapproval is often received shortly after I receive the questionnaire.   Clients and I review their loan options in more detail in person or by phone.  Once the consultation is complete and the correct loan  has been selected,  we begin processing the loan application and supporting documentation.   This can be done before or after a home is under contract.  
 
Loan Processing
Processing is the stage where Cunningham & Company prepares a loan for underwriting and an appraisal is ordered. We have this stage so that when the file is submitted for approval it is well organized and properly documented.
 
Loan Underwriting
Underwriting is the process we use to determine loan approval. It involves evaluating the property, our client’s income, assets, and credit report to determine ability to pay the mortgage.
After underwriting approval we issue a formal loan commitment letter.
 
Loan Closing
Following approval from our underwriting department, the file goes to our closing department. I work personally with my closer to ensure the closing goes smoothly and on time.

Certainly anxiety may be present when applying for a mortgage, but if clients understand the home loan process, waiting for approval will be far less worrisome.   Our goal at Cunningham & Company is to make the mortgage loan experience as effortless as possible.

News You Can Use 

 Who says there are limited lending options these days? Sure, mortgage lending guidelines have tightened but that was a reasonable response to loose lending which resulted in high levels of fraud and loan default. That doesn’t mean all of the exciting programs are gone. 

Just this past Friday North Carolina Housing Finance Agency announced they are offering a 3.99% fixed rate program for buyers of eligible NCHFA owned foreclosures.  Holy cow.  Potential buyers can browse these homes to score an incredible deal. NCHFA is no stranger to offering incredible options to home buyers. In addition to this REO program, their offers range from $8000 down payment assistance to an additional tax credit. 

People often wonder why it is important to be fully preapproved before searching for their next home.  When a client has the opportunity to look at their “big picture,” they benefit in several ways.   By examining all their variables, clients are presented with program options – some they might not have even heard of.  As their mortgage adviser, we talk about what they can really afford, weigh the pros/cons of different programs and evaluate what will be a short and long-term smart choice. As a home buyer, having an advocate in your corner before you begin the home search process can really pay off.   There are just too many opportunities out there to leave a great one on the table.  

Featured Loan Program

 Mortgage Credit Certificate  

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