Purchase Loans

Finding the best loan for you is all we do. But first it is essential that you understand the process of buying a home. How you proceed can mean the difference of thousands of dollars to you.  That’s we begin by focusing on such basics as:

• What are your wants and needs in a home?
• How much of a mortgage payment can you afford?
• Getting you pre-approved or pre-qualified by a lender.
• Finding a professional real estate agent to service you.
• Finding a home that meets you and your financial needs.
• Making an offer to buy a home.
• Helping you save as much as you can on the purchase.
  
  
  Once you are comfortable with these decisions, our experts will guide you through each step toward your home purchase:

1. Pre-Approval
   
   • Get your mortgage loan pre-approved by Rancho Financial Mortgage
   • Submit completed loan application with all necessary documents to the bank or lender.
     
     
2. Contingency Period
   
   • Buyer approves Seller's Real Estate Transfer Disclosure Statement
   • Buyer approves Preliminary Title Report
   • Physical inspections, including pest inspections
   • Property appraisal
   • Loan placement/approval/underwriting
   
   
3. Homeowners Insurance Coverage
   
   • We will help you determine necessary coverage
   • You will provide escrow information to insurance agent. Insurance agent will need to order a copy of the policy for the new lender, prior to close of escrow.
   
   
4. Sign Documents
   
   • Mortgage documents will usually be signed at Rancho Financial Mortgage
   • We will provide loan documents to the title company
   • You will receive copies of title documents and lender documents
   • You will need to bring a current photo ID to signing
   
   
5. Down Payment and Closing Fund
   
   • You will provide a cashier’s check to the title company a few days before closing
   • The Escrow Officer will provide a Buyer’s Estimated Closing Statement, which will itemize your costs and credits with estimate total monies due.
   
   
6. Funding
   
   • The lender will send funds to the title company
     
     
7. Close of Escrow
   
   • The deed will be recorded at the County Recorder's office. You will receive the original back from the County Recorder in approximately six weeks.
   • Your realtor will provide your house key to you.