Step 1: Getting Started
The first step in getting a Maven Mortgage is to determine what home journey you are on. By answering a few simple questions in our Homebuyer Readiness Quiz, we will determine which path to homeownership you will be on and your estimated timeframe to becoming a homeowner.
Step 2: Meet Your Maven
Your Qualification Specialist will work with you to get you ready for approval. We require that you get Maven Mortgage approved before you start looking for your new home so that you:
- Only look for properties within your price range
- Be in a better position when negotiating with a seller (the seller will know your loan is already approved)
- Close your loan quicker and on time
Although Maven Mortgage has a simple process, you may still have questions and need assistance navigating the home buying process. Step 2 requires verification of your income, assets, liabilities, budget, payment history, and anything instrumental to making an approval decision.
Your Qualification Specialist will determine which loan makes the most sense for your financial situation and goal, making sure you understand the benefits of each. Are you looking for a 15 year or 30 year term? Which is best for you and why? Each has different reasons you'd choose them. This is where your Maven shines best. We will be there every step of the way.
Step 3: Choose Your Home
At this step you are Maven Mortgage approved. You are now able to search for your new home. You will begin working with a licensed Mortgage advisor to discuss your monthly approved payment amount and your home buying power. We will also advise you on what to expect when searching for your home and completing your purchase contract. Maven Mortgage must approve a home before you can put in an offer. Your Mortgage Advisor will provide a property approval letter if it fits within your approved payment amount. Once you receive a property approval letter you will be able to put in an offer for the home of your dreams. During your home search make sure you keep all documents updated. Make sure there are no adverse credit changes that would effect your final approval and ability to close.
Step 4: Offer Accepted
Now that you have found the home you love and have a signed purchase contract, your Mortgage Advisor and the Maven Mortgage team will work to get your loan clear to close. We will verify that everything is still the same from when you were first approved. A new credit report and updated bank statements will be needed, along with any other documents that have become outdated. Once your file is updated and there are no changes, you are ready to sign your loan documents. You must review the documents prior to signing and make sure the interest rate and loan terms are what you were promised. Your loan will close shortly after you have signed your loan documents.
Step 5: Get Your Keys
The closing! You will close your loan in our office, a settlement agent's office, or eclose from the comfort of your own home. Maven Mortgage has assisted you from start to finish, and will be there after the closing. You are a part of the Maven Family!
Now go celebrate, you're a homeowner. Congratulations!
*If you have a child after buying your home, we wouldn't mind it being given the name Maven. Just kidding...maybe.