Agility Mortgage Corporation

Step 1: How much Can I afford?

Home ownership is within many consumers' reach. And the first step toward finding the right mortgage is to determine how much you can afford to pay each month. This saves you time by allowing you to focus on homes in your price range. It can also help you plan other costs you can expect to pay, such as closing fees, escrow accounts, etc.

Step 2: Loan Options

There are many different types of mortgages to choose from. Which one is right for you? That depends. When reviewing your options, you should consider your current financial picture, how your finances might change in the future, how long you intend to remain in the home, and how comfortable you are with fluctuating mortgage payments.

Step 3: Get Organized

You've identified your price range and have learned about the mortgage options that may be right for you. Now it's time to gather all the information and supporting documentation you'll need to apply for a mortgage preapproval or to submit your mortgage application. Getting ready ahead of time will help the process move along quickly and smoothly.

Arrange your paperwork
Here are some of the documents you may need to prepare for the home financing process:

• Your social security number (or proof of permanent residency)
• Pay stubs for the last two months
• W-2 forms for the past two years
• Bank statements for the past 2-3 months
• 1 to 2 years of Federal tax returns
• A signed contract of sale (if you've already chosen your new home)

Order a copy of your credit report
Your credit report will be ordered by Agility Mortgage as part of your application process; however, if you review your credit report and address any errors before you apply, you can avoid potential delays during processing.

Remember, when assessing your financial picture, be as honest and thorough as possible. That's the best way to secure the mortgage that's right for you. There are mortgages for just about every buyer and situation.

Step 4: Get Preapproved

If you've already found the home you want to buy, you can skip ahead to Step 5 and apply for your mortgage directly. If not, consider getting preapproved for your mortgage before you start shopping for a home. Getting preapproved by Agility Mortgage can give you a significant advantage while you're shopping for a home.

With Agility Mortgage, you get written confirmation of a maximum loan amount - so you know just how much you will be able to finance. This confirmation can help increase your bargaining power with the seller, since it's like having "cash-in-hand." And, once you find the perfect home, your transaction should close more quickly. Agility Mortgage may charge a small fee for preapproval.

Agility Mortgage’s pre-approval Program also allows you to:

• Choose the mortgage that's right for you
• Lock in an interest rate for 60 or 90 days**
• Receive a preapproval certificate within 3 business days
• Shop for your home with confidence

Step 5: When You Apply    

Once your offer has been accepted by the seller, one of our Mortgage professional’s will assist you with the details of applying and closing (including a satisfactory property appraisal).

You can expect personalized and convenient service from one of our Mortgage professionals from start to finish. Agility Mortgage professionals will answer your questions about the different types of mortgages available, and offer advice on rates, your needs, your buying power, etc. You'll need to provide us with information on your income, credit history, debts, and liquid assets. If you've already gathered this documentation, the loan process should go smoothly.

You can receive the expertise of one of our Mortgage professionals at any time. Just call or apply online, or send them an e-mail, to get started today.

Here is what happens to your application after it is completed:

1. The mortgage specialist reviews your information and contacts you to confirm your intent to apply and requests the required documentation to begin processing your application. Then the information is transferred to the Loan Processor to verify that all documentation needed to process the loan has been collected. Agility will order a formal appraisal that estimates the current value of the property.  A title search and title insurance are required to ensure that there are no other liens on the property. Agility will order these services on your behalf. Once the documentation is complete, everything is transferred to the Underwriter.
2. The Underwriter usually has no direct contact with you but he or she is the one who reviews all of the documentation and makes the decision to approve or deny your loan. You are then notified of the decision and if approved, can set a closing date.
3. Once the Underwriter's decision is made, the information is transferred back to the Loan Processor. If approved, the Loan Processor will contact you, request any further documentation, and set a closing date. When complete, the information is given to the Closing at the Bank to assemble the "closing package" - the final loan documents. The Loan Processor makes sure that all fees and other payments to be made at closing are documented accurately, and verifies information with the Escrow agent. In most cases, he or she will also establish an escrow account for payment of necessary insurance and real estate taxes. Finally, the Loan Processor authorizes the mortgage funds for disbursement.

Step 6: Close the loan

Congratulations! You're about to become a homeowner. The "closing" is when the final loan documents are signed, and the mortgage funds are disbursed.

Here are some things you can do ahead of time to ensure a successful closing:

• Fulfill any conditions specified by the Underwriter at the time of your loan approval.
• Obtain homeowner's insurance. This required insurance protects you against loss or damage due to theft, fire, or certain weather-related hazards. In some areas, it may also be necessary to obtain flood insurance.
• Resolve title questions. If your title search turned up other liens on the property, these will need to be resolved before closing can occur.
• Conduct a final walk-through of the home to ensure any agreed upon repairs have been completed by the seller.
• Review the final estimates of your closing costs.
• Prepare a certified check or money order - not a personal check - to cover your down payment and closing costs.
• Make sure you can meet the conditions of your mortgage commitment.

Congratulations!!