"I have been working with John Poast for the past year. I find him to be diligent at what he does and very responsive to my clients needs. He has a variety of different mortgage programs and custom fits them to clients needs. He understands the big picture of what the client is trying to accomplish. He views his mortgage as part of the clients total estate planning, it is not just financing to him." - Millie
2762 N. Lincoln Avenue Chicago, IL 60614
Office Phone: (773) 697-5640
Mobile Phone: (312) 543-0688
Fax: (312) 491-5306
Financing: Seven Steps to Owning Your New Home
1. Pre-Approval/ Financial Planning: It is advantageous to have a pre-approval for a mortgage even before you begin looking for your new home. This way, you know ahead of time how much house you can afford and can be ready to negotiate like a cash buyer! Essential to Millie’s team, John will walk you through this process and provide your approval within 24 hours.
2. Home Search: The excitement begins - At this point, you will begin shopping for your new Home, Millie’s expertise is essential at this step. When the right home is found, the terms of the sale are competitively negotiated, including the sale price and often the type and conditions of the loan being sought. You will submit your updated pre-approval letter to the seller, which in a today’s market will tilt the sale in your favor.
3. Under Contract: Once the sale and price of the home is agreed upon, a contract is written. It is executed by both the seller and buyer and then forwarded to John Poast, your attorney, and Millie.
4. Now the Mortgage process goes into high gear.
- You will be in attorney review while the contract is reviewed and you perform your home inspection.
- John Poast will order your appraisal.
- John Poast will prepare the preliminary application and review with you.
5. Submit Full Loan Package: John will now submit the loan package to underwriting with the goal of having a preliminary approval before the appraisal report is completed.
6. Conditional Approval: The underwriter will often request some additional clarification on various documents that were submitted.
7. Closing: Final loan and escrow documents are signed at the closing table. The lender sends a wire for the amount of the loan to the title company on your behalf. John will provide you with an estimate for your wire to ensure a smooth and seamless closing.
Congratulations you now own your new Home!!!