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Home Purchasing

It's never been a better time to purchase a home with rates being at all time lows. Take advantage of a variety of loan products that can put you in the home of your dreams with a very low or even no down payment! Get a free pre-approval!

The process of purchasing a home doesn't have to be a daunting task. OpenGate Lending makes it easy.

Step 1: Get your Pre-Approval

Just like you want to find a home with a good foundation; so does a seller and the seller's agent when it comes to evaluating your offer. A Pre-approval lets all parties involved know what you can afford comfortably to borrow, the price of range of homes that fit your budget and that your ready to move quickly once you found a great deal. Pre-approval helps you get ahead of the process once you found your desired property. If it's free why wouldn't you? Plus, this is a great time experience OpenGate Lending so when it comes times to securing your loan your comfortable with the people you know have your financial goals in mind....not theirs.

Step 2: Find the right loan for you.

Okay now that you found your dream home, the next step involves securing the right loan for your specific financial needs. You might want to go the traditional 30 year fixed rate route or if you plan on moving in less than 5 years you may want to explore a low monthly payment associated with an adjustable rate mortgage. There are a variety of loan options that give you the savings and flexibilty to make home ownership enjoyable and stress free. Visit our Loan Options section to learn more about each financial product. Or better yet, call to speak to an expert at OpenGate Lending to help match you with a loan that helps you achieve your goals.

Step 3: Get in touch with a real estate agent.

It's time to start shopping for a home that matches your dreams and personality - the fun part! When you find a home your agent should work with you to submit an offer to the seller. The seller may accept or counter your offer. Once both parties have agreed on the final price and conditions, escrow will be opened. Escrow periods can be 30, 45 and even as long as 60 days. You can negotiate the escrow period with the seller when you come to terms on the property.

Step 4: Call OpenGate Lending to Lock in your Rate & update your loan documents.

If it's been a while since the time we sent you your initial pre-approval we may need you to update some necessary documentation to ensure your loan funds smoothly and quickly. Now is the time to secure the lowest rate possible and the loan product that gives you the most savings monthly. At this time we will collect a "lock deposit" fee to do just that "lock in your rate". This fee though really isn't a fee because it's credited back to you once your loan funds. A lock deposit can be made using any major credit card to make the transaction easy and simple; use a card that gives you reward points! You will be required to review, sign and date the lock agreement & deposit. You will receive disclosures that again you need to read, review and sign which will outline the terms and conditions regarding the rate and loan you wish to obtain.

Step 5: Get that home inspected and appraised

Definitely get an inspector to review the property you wish to purchase. Remember even the seller may not know the "true" condition of the home. It takes an expert to review the structural integrity of the home, the foundation, heating/ac systems, etc...the list goes on. Usually the cost is minimal and could end up saving you thousands in repairs and a possibly a lifetime of regret. Meanwhile, OpenGate Lending will order an appraiser to visit the property to perform an appraisal/value of the home. Getting a house inspected is voluntary (again you should do!) but an appraisal is mandatory and necessary in order to accurately determine what your home is worth.

Step 6: Time to get the loan approved, sign and closed - so you can pick up the keys!

Once underwriting has determined we have all the proper documentation in order to fund your loan OpenGate Lending will prepare loan documents for you to review and sign. Most people sign their documents at the escrow or title office. Given yourself at least 60 minutes to complete the signing and review of these documents. Once the signed documents are sent back to OpenGate your file is reviewed by underwriting one more time to ensure all the t's are crossed and the i's dotted. Your loan then should fund 2 - 3 days after this review is completed and then it's time to pick up the keys!

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