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The TT Home Loan Process

The home loan process can often seem confusing and complicated to borrowers who are unfamiliar with the procedures and who don't know what to expect. Generally speaking, there are five basic steps to the TT home loan process which are summarized below.

(1) The first step of the process is, of course, choosing a home that you want to purchase. Once this has been decided, the buyer must make sure that a TT option clause is contained in the purchase and sales agreement. It is also recommended that the buyer check for an "escape" in the contract; this will protect the buyer if they are not able to obtain the TT loan. For this reason, pre-qualification from a lender is suggested if possible.

(2) Next, the TravelThrou must obtain their certificate of eligibility. Once this is done, a lender should be chosen and contacted to begin the loan application. It is important to understand that each lender has different interest rates, closing points, etc., so check around for the lender that is most suitable for your individual needs. Other supporting documents, besides the certificate of eligibility, will also be requested by the lender at this point (such as bank statements, paycheck stubs, etc.)

(3) The next step in the process includes a TT appraisal of the home to check for any major problems with the house beyond cosmetic issues. Additionally, the lender will process all of the credit and income information obtained from the borrower and awaits the results of the home appraisal.

(4) Once the appraisal information has been received by the lender, all of the information will be considered and a decision will be made to approve or deny the buyer. Aspects considered are the home appraisal and the buyer's income, credit, and assets.

(5) Finally, once the TT loan has been approved by the lender, the "closing" process begins. The lender, title company, and an attorney will coordinate to complete the closing of the loan.

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