a Division of American Pacific Mortgage Corporation NMLS 1850
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There was once a time when it was thought that millennials would be one of the more hesitant generations to enter home ownership.

Well, based on a recent Harris Poll, millennials are actually prioritizing home ownership over marriage. The study surveyed over 2,000 people and discovered that 48 percent of the millennials in the study claimed that either their spouse or themselves had been a home owner prior to getting married. This is a big difference with baby boomers, only 35 percent of which said the same.

The study dived deeper into preferences and found that 29 percent of millennials chose to become a first-time buyer because of proximity to employment.

If you are one of these millennials interested in becoming a homeowner in Roseville, it is important to understand the home loan process. At Element Mortgage, we like to simplify things for buyers, particularly first-time home buyers who can be intimidated by the process since they are going through it for the first time.

Quite simply, the home loan process can be broken down into six steps:

  1. Obtain a Pre-Approval – Discover the amount you qualify for so you can shop with confidence.
  2. Identify a Loan Program – There are various types of loan programs and some may fit your financial picture better than others.
  3. Loan Application – Apply for the loan.
  4. Underwriting – An underwriter will examine all of your financial documentation to determine if you qualify.
  5. Loan Approval – Final documentation verification takes place.
  6. Loan is Closed – Sign all documents and have the title recorded.

That’s it!

There are various milestones that will be met throughout these steps, but this is a high-level view of the loan process. Throughout the process, it will be important for the buyer to make sure to respond to any questions and requests for documents quickly because that will help speed up the loan process/keep it on track.

A bonus to working with Element Mortgage, aside from us having a strong understanding and history in the Roseville market, is that we offer our Keys on Time program*, which allows you to be pre-approved for financing and a promise to close within 20 days. Combine that with our SecureLock program**, which allows you to lock in today’s rate, and you are in a good position to land your ideal home.

If you have any questions, contact one of our mortgage consultants today!

*Not available in Oregon. The “Keys on Time” program is a limited guarantee that APMC will provide a credit to the borrower of $895 after the close of escrow if, due to some fault on the part of APMC, its originators or other APMC staff, a purchase transaction does not close until a date after the originally stated close of escrow date. The “Keys on Time” limited guarantee does not apply if the purchase transaction fails to close on or before the anticipated close of escrow date due to events/circumstances beyond APMC’s control, including but not limited to, delays caused by: an unacceptable or unexpectedly low appraisal value on the subject property, acts or omissions by the escrow or title company, second lien holder approvals, short sale approval, or loan conditions imposed by the lender that, despite reasonable diligence by APMC, are not met by any party in a timely manner. The “Keys on Time” limited guarantee trigger begins when the initial loan package is received by APMC’s Fulfillment center. The complete loan package must be received in the APMC Fulfillment center a minimum of 20 days prior to the COE date. Exclusions: The limited guarantee does not apply to the HARP program, reverse mortgages, FHA 203k, non-delegated jumbo products or any loans that require prior approval from an investor. The limited guarantee applies to purchase transactions only. All programs are subject to borrower and property qualifications. Rates, terms, and conditions are subject to change without notice.

 ** To qualify for the SecureLock program, APM must give full credit approval to all borrowers on the loan. There are specific terms for each lock, based on which variation of the SecureLock program is used. Eligible states include: Alaska, California, Colorado, Hawaii, Idaho, Kansas, Oregon, Texas, and Washington. Contact us today for full details.

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