Taum Hemmingsen

NMLS # 51267



Taum Hemmingsen Owner/Mortgage Broker/Insurance Agent
Home Buying 101

In short, buying a home is the largest financial purchase many people ever make. You may be a first time homebuyer and need additional information or you may be a seasoned investor trying to understand the current trends in lending. It's important that you make the right decisions and be aware of events and details along the way.  You are not alone in this process. Your Realtor and Loan Officer at Marketline Mortgage now walk along side you as your team, working together with you and any appropriate third parties to make this a pleasant, smooth experience. We have your best interest as our number one priority.

Count on Your Realtor to
1.        Preview homes to weed out those not to your specifications
2.        Present homes that meet your requirements
3.        Help you determine what is a good buy
4.        Help you determine and make a fair offer
5.        Help negotiate the best deal for you
Don't have a Realtor yet? We work with trusted expert partners that will delight you and make sure you find the home of your dreams. Call me for a recommendation today.
Count on Your Loan Officer at Marketline Mortgage to
1.        Answer questions and get you Pre-Approved to buy your home
2.        Help you select the best loan for your situation and goals; we always put your best interests first
3.        Make sure you get the best rates and lowest fees available at the time and for your scenario to save you money up front and over the years
4.        Keep you informed of your loan status throughout the process; we work hard on your behalf
5.        Keep your Realtor informed of the loan progress (note: your personal information is kept confidential; only milestone dates and progress are shared) by automatically sending loan status updates every Friday
6.        Be available and accessible; experience the Marketline difference - we're available when you need us...days, evenings and weekends
Count on Yourself to
1.        Work with your Marketline Mortgage loan officer to get pre-approved before you start looking for homes. You are considered a serious, powerful buyer when the seller knows your financing has already been secured.
2.        Ask questions along the way and voice any concerns as soon as they arise. Be candid and courteous and everyone will be happy to help you.
3.        Provide initial supporting documentation quickly when asked for it; ensure it is complete and legible. This saves valuable time during the process.
4.        Expect to be asked for additional information. Lenders today do not mean to inconvenience you, but they must have a thorough picture of your situation in order to approve your loan. Do not be offended or think it is unusual for you to provide a document that then causes them to ask for yet another. In other words, despite requests for additional information, understand that this is the lending environment of today's world and the quicker you fill the requests for information, the quicker you'll have the keys to your new home in hand!
 Steps of the Loan Process (in brackets let’s you see who is responsible for this step)
1.        Loan application is filled out, credit is pulled and you are given a "pre-approval"  (you and Marketline Mortgage)
2.        Marketline Mortgage issues a Pre-Qualification to your Realtor which tells the seller that you have been pre-approved for financing (Marketline Mortgage)
3.        Sign loan application & provide supporting documents (you)
4.        Third party documents are ordered such as preliminary title, proof of your homeowners insurance, appraisal, verifications of deposits, employment, rents and other verifications as required by the lender, home owners association questionnaire and insurance when applicable, subordination if a second mortgage is remaining with current lender, wiring instructions, etc. (Marketline Mortgage)
5.        Once all documents are in, file is reviewed by the broker at Marketline Mortgage and prepped to be submitted to underwriting (Marketline Mortgage)
6.        Your loan file is submitted to underwriting for review (Marketline Mortgage)
7.        The lender's underwriter reviews/underwrites the file and renders a decision (e.g., conditional loan commitment)
8.        If conditions are requested, provide immediately to Marketline Mortgage (you)
9.        Repeat #7 until underwriter returns an un-conditional loan approval (you & Marketline Mortgage)
10.      Once approved, Marketline Mortgage will email you your initial closing disclosure (CD) to be e-signed, as you cannot sign loan documents for 3 days from the date you receive the CD. Marketline Mortgage prepares documents ("docs") and e-mails to title company (Marketline Mortgage)
11.      Title company prepares a final settlement statement (also known as a "HUD") and emails it to Marketline's broker to approve (title)
12.      Broker - depending on lender - then obtains lender approval of the HUD (Marketline Mortgage)
13.      Once approved, title contacts you to schedule a time to sign your loan documents and 'close your loan' (you & Marketline Mortgage)
14.      Signing of your loan documents (you)
15.      Lender funds the loan & Title then records the deed (Title & Marketline Mortgage)
16.      Keys are yours!!!! Celebrate (YOU & Marketline Mortgage)
Note: Throughout the process your Realtor is provided with a Loan Status Update (LSU) on a regular basis – every Friday.
As you can see, the loan process is a dedicated team approach to obtaining your financing. We are honored to be serving you and look forward to speaking with you soon to get your financing process started.
Questions? Call us anytime! Happy to help, clarify and make sure you understand every step along the way.