You're already familiar with the team at McCaffrey Home Mortgage who pre-qualified you for your loan. To take the mystery out of buying a new home, below is an overview of the loan process. Please take a moment to review each step as we'll guide you through the process.

Good Faith Estimate

The Good Faith estimate lists the estimated costs you will incur at closing. These costs cover title charges, lenders' fees and third party fees such as title charges and appraisal that are associated with your transaction. Should there be a change in the sales price, loan amount, or loan terms, a revised Good Faith Estimate will be sent to you. Please keep in mind that you will also receive Good Faith Estimates from the lender that McCaffrey Home Mortgage has placed your loan with. Remember, this is only an estimate.

Truth-In-Lending Disclosure

Federal law requires the disclosure of the Annual Percentage Rate (APR). The APR is not the note rate. It is an interest rate that reflects the cost of a mortgage loan as an annual rate. The rate is likely to be higher than the stated note rate as it usually includes a combination of the interest rate, points and other fees paid to a lender to acquire a mortgage loan. The APR allows home buyers to compare the cost of mortgage loans offered by different lenders on the annual cost of each loan.

Verifications Of Employment, Deposit And Liabilities

McCaffrey Home Mortgage will verify all information disclosed on your original application, such as income, assets and liabilities.

Loan Underwriting/Approval

McCaffrey Home Mortgage will submit your loan package to the lender once the information is verified. When a determination is made, we will contact you to review the conditions of your loan approval and request any additional information or documentation required by the lender.

Appraisal

An appraisal is a professional assessment of a property's value by an independent, licensed appraiser to determine and confirm the value of the home you are buying. This is a requirement of the lender to make sure its investment is covered in the event of a mortgage default. The appraisal will be ordered after you finalize the selections for your home and a copy will be provided to you at the time of closing.

Finalizing/Locking Your Loan Rate

You will have an opportunity to lock in your interest rate at no charge about 45 days prior to close of escrow.

Extended Locks

You may purchase a longer period for your "lock" by increasing the loan's points. Extended locks are available for a period of 90 days to one year. A non-refundable fee payable to the lender will be required. If interested, please contact your Loan Consultant who can provide you with rate quotes.

Preparing Closing Documents

Before requesting your final loan documents, McCaffrey Home Mortgage will contact you to review your loan terms. Your loan documents will be prepared and ready to sign the month that you will close escrow. This is the time to obtain your homeowner's insurance with a carrier of your choice.

Funding/Recording Your Loan

Your home loan will fund and record based on your completion date scheduled by McCaffrey Homes. Your loan will fund one day before it records at the County recorder's office. The keys to your new home will be given to you after your loan has recorded and the Community Welcome Center has confirmation of such.