Start the loan process NOW  

Even if you think you are not ready. The best way get ready is to go for free professional advice. This costs you nothing and provides you with  helpful information.  Call  360 931 1233 or email  clint@bechmortgage.com to discuss your overall financial and personal situation as you currently know it. 

Decision to Purchase home 

• Look at the practical implication
• Determine the long term benefits
• Your financial ability
• Style and type of home and area to purchase in

Becoming aware of your financial picture 

• Gather records for this year 

  Previous two year history 

  last two pay stubs

  Tax returns for last two years. (these are not always required)

  401 or IRA statement

  Investment accounts: Stock accounts, Mutual Fund statements

  Previous two months checking and savings account statements

  We will order your credit report.   (upon your approval)

  Calculate how much down payment and closing costs you can afford or where they can come from (outside resources).

Self employed  

• Year to date: profit and loss 

  Documentation of all assets 

  1. Investment accounts 

     IRA's, Keogh's 

     Mutual funds 

     401-k's

Other documents 

• Completed divorce papers( agreements if applicable) 

  Completed bankruptcy (agreements if applicable)

How we work, by assisting you in the completion of your loan application 

• We select the most favorable home financing program tailored to your needs and limitations as evaluated by your computed ratios. 

  We initiate the pre-qualification and disclosure process.. 

  Your loan application is opened and submitted to a variety of programs that fit your situation.

  When you loan application is pre-approved. You can go out shopping for a property knowing how much cash you have available to buy your home.

Finding the property 

• Begin shopping for your home, (with loan process under way and with financial parameters of your budget known). 

  Use an experienced realtor knowledgeable about your areas of interest. 

  If you are currently not working with a realtor, I know several who I believe are experienced and quite helpful in your area.

When property is found 

• We can assist you (if you desire) with your Realtor in structuring the offer including price and conditions such as no money down and no closing costs. 

  The seller may counter your initial offer, at which time you may have to negotiate. 

  Offer is accepted or you find another property.

Going into escrow 

• You put your" good faith" money into a trust account through escrow.

  Order an inspection of the property - but not required and the usual cost is approximately $300.00

  Time of closing is determined. (30 days or 45 days is usual). 

  An appraisal of the property is done, fixing the value of the property according to the current market.  An appraisal is required by your lender.

  Title of you home researched including ownership, and other hidden encumbrances such as tax liens against the property. 

  All verifications are done at this time.

Underwriting 

• Underwriter verifies that all items have been completed properly and the guidelines of the investor or lender have been properly satisfied . This process can be frustrating since many of the conditions seem redundant and useless. Stick with it those because you are almost there.

Signing 

• You sign the loan documents at the escrow office. All funds due at closing costs are paid at this time, either by seller and/or buyer.

Final Lender review 

• The signed documents are rechecked for proper documentation included and for proper endorsements.

Funding and recording 

• The lender funds the loan and the escrow company records your deed at the county recorder's office.  
• Final and last step and you are a homeowner!