Paramount Equity Mortgage- your purchase home loan experts

Buying a Home

For most of us, buying a home is the biggest financial decision we will make in our lifetime.  Whether you are buying your first home, building a home, purchasing an investment property, or purchasing a vacation home, Paramount Equity Mortgage has the experience, programs and partners to make your dream of home ownership a reality.

Steps Toward Purchasing a Home

1. Pre-Approval — Get pre-approved today with Paramount Equity Mortgage.  A pre-approval indicates that you are a serious buyer who is ready and able to make a purchase, putting both the real estate agent and the seller at ease.
2. Select a licensed realtor and find a home — Don’t have a realtor yet?  Choose one from Paramount’s Preferred Realtor List.  Your licensed realtor will help you find a house that is affordable and fits your needs.
3. Make an offer — Your realtor will guide you through the process, preparation, and negotiation of purchasing your new home.
4. Apply for a mortgage — Consult with your Paramount Equity Mortgage Financial Specialist about loan options and programs that are available for your home purchase.
5. The loan process — Purchase transactions can take as little as 15 days or up to 60 days.  Your Paramount Equity Mortgage Financial Specialist will keep the loan process moving forward and inform both you and your realtor every step along the way.  The loan process normally includes a series of phases.

The loan process includes:

Contingency Period

• Buyer’s approval of Seller’s Real Estate Transfer Disclosure Statement
• Buyer’s approval of Preliminary Title Report
• Physical inspections/pest inspections
• Property appraisal
• Loan placement/approval/underwriting

Homeowners Insurance Coverage

• Property coverage amounts are determined
• Potential need for flood coverage is addressed
• Insurance agent escrow information. (The agent will need to order a copy of the policy for the lender prior to the close of escrow.)
• Paramount Equity Insurance Services can provide a free estimate for your insurance coverage to help streamline the process and potentially save you considerable money on your premiums

Signing Documents

• Documents can be signed at Paramount Equity Mortgage or we will send a mobile notary to your home or workplace
• We will ensure the title company receives loan documents
• You will receive copies of title documents and lender documents
• You will need to bring a current photo ID to the signing appointment

Down Payment and Closing Funds

• Bring a cashier’s check to the title company a few days prior to closing your loan
• The escrow officer will provide a Buyer’s Estimated Closing Statement which will itemize your costs and credits with and estimate the total amount due

Funding and Close of Escrow

• The lender will send funds to the title company
• The Deed will be recorded at the County Recorder’s Office by the title company. (You will receive the original copy back from the County Recorder in approximately six weeks.)

Welcome home!

Your realtor will coordinate the transfer of the key with you.