Steps to home ownership made easy

Helpful Articles > First-time homebuyers

Steps to home ownership made easy

Purchasing a home can seem complex. Obtaining a mortgage shouldn’t be. Here are simple steps to get you started on your journey to homeownership:

1. Buyer obtains prequalification from lender

2. Buyer identifies desired home with a Real Estate agent’s help

3. Contract is accepted/home is placed in escrow

4. Loan application is submitted to lender

5. Lender orders title and property appraisal

6. Loan materials are reviewed and processed

7. Loan submitted to underwriting for approval

8. Preparation of the Closing Disclosure

9. Loan documents are signed

10. The loan is funded and recorded

11. Buyers get the keys to their new home

Looking to buy your first home?

When considering the purchase of a home, you’re bound to have questions. Well, you’ve come to the right place!

Top 5 reasons to get-prequalified

Getting prequalified is a great first step when beginning to shop for a home.

Common loan documents needed prior to close

A simple checklist of documents and items needed prior to closing on your home loan.

3 things more important than your interest rate

There are at least 3 things more important than the home loan interest rate you get. Shopping for a lender based only on rate will mean likely missing them.

Home buyers often mistake interest rate as the only important part of a home loan. It’s not. There are many factors to consider when buying a home that might be more important than the interest rate.

Everybody thinks they can shop around for the best rate, and they’ll get the best home loan. This is like shopping for the best tires to find the best car. The interest rate is only part of the picture. Let’s look at four other really important parts of your home loan.

Total monthly payment

Your total monthly payment is more important than your home loan interest rate. See, interest is just a part of what you’ll pay each month. Consider principle, taxes, insurance, and any homeowners association dues. Also consider the length of your loan, and whether you roll closing costs into it. The total amount that comes out of your living expenses each month is what matters most. Since a home is likely the biggest purchase of your life, it’s important that it fits into your monthly cash flow. This bigger perspective, and a strategy to make your monthly payments fit your life, is more important than just the interest rate.

Down payment

The amount of down payment you choose is a really important consideration. More down payment can lower your interest rate, but there may be more important things to do with your money than just lower your rate.

Important things like an Emergency fund.

Having some money saved for emergencies is more important than a lower interest rate. What if, in trying to lower your interest rate, you deplete your savings to make a bigger down payment. With your savings empty, you’re now without an emergency fund, which could really come back to bite you. In this way, simply chasing the lower rate isn’t the smartest path. It’s a smarter move to leave yourself enough savings in case something breaks in the house, or your car breaks down, or you have unexpected medical bills. Don’t sacrifice your emergency fund to lower your interest rate. Put less down and take a higher interest rate, if it means keeping something in savings.

Investments

If you’ve got enough saved, you might be tempted to make a very large down payment to get a lower interest rate. But there are other ways to invest your money that might be better. What if you instead invested in the stock market and earned the historical average 10% return? Or what if you made smaller down payments on 2 properties instead of a large down payment on one? Sure, your interest rates on the 2 homes would be higher, but now you’d have a second home to rent out as an investment property, creating passive income and positive cash flow.

What else matters more than your home loan interest rate? The quality of your lender. But aren’t all lenders pretty much the same? No. Not at all. The proficiency and reputation of lenders varies widely, and matter a lot. How well they do their job, and their reputation for doing it, can mean the difference between getting your dream home and losing it. Picture this, you make an offer on a home in a hot market, and the seller’s real estate agent notices you’re using a lender that often can’t fund loans on time, or lacks the loan types to fit many borrowers. So the agent advices the seller to accept someone else’s offer. You’ve just lost your chance at that home. Or what if they did accept your offer, only to have you miss your deadlines because your low rate lender couldn’t deliver? Definitely consider the quality of your lender, not just the rate they’re offering.

Your home purchase means a lot. We’re here to make that purchase as smooth as possible.

Disclaimer: SecurityNational Mortgage Company, and its loan officers, unless individually licensed and specifically denoted in their credentials, are not qualified to, and are prohibited from representing themselves as accountants, attorneys, certified financial planners, estate planners, investment specialists or tax experts, and will not advise you in those matters. Always seek the advice of a licensed professional. By submitting your contact information you agree to our Terms of Use and our Privacy Policy. You also expressly consent to having SecurityNational Mortgage Company contact you about your inquiry. This is not a commitment to make a loan. Loans are subject to borrower and property qualifications. Contact loan officer listed for an accurate, personalized quote. Interest rates and program guidelines are subject to change without notice. SecurityNational Mortgage Company is an Equal Housing Lender. Company NMLS# 3116

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SecurityNational Mortgage Implements a Fully Paperless Closing Process Using DocMagic’s Total eClose™ Platform

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FOR IMMEDIATE RELEASE

SecurityNational Mortgage Implements a Fully Paperless Closing Process Using DocMagic’s Total eClose™ Platform

Lender achieves full eClosing benefits, faster and more reliably, as the result of DocMagic’s consultative implementation process, single-source platform, and intuitive UI

Hundreds of SecurityNational Mortgage guests were on their feet in elation as Sloan Urry made the winning pass just in front of their suite on the front straightway Saturday on a sunny afternoon just outside of his home town in Utah.

TORRANCE, Calif. and SALT LAKE CITY, Utah, Dec. 19, 2018 — DocMagic, Inc., the premier provider of fully-compliant and document preparation, regulatory compliance and comprehensive eMortgage services, and SecurityNational Mortgage Corporation (SNMC), an independent national mortgage banker, jointly announced that they successfully rolled out DocMagic’s comprehensive Total eClose™ platform.

Since rolling out Total eClose in September, SNMC has reduced borrower time at the closing table to as little as 15 minutes, and become one of the first national lenders to offer a true eClosing solution that involves no paper whatsoever. It has dramatically sped up the closing process, ensuring accuracy and loan quality, and delivering newfound efficiencies for borrowers, notaries and settlement providers. Total eClose enables SNMC’s customers to preview documents prior to closing, eSign all documents, and complete both remote and in-person eNotarizations. As a result, SNMC is now positioned to capture more market share, reduce operational costs, expedite closing times and elevate the borrower experience.

“Our goal was to perfect a completely digital eClosing process, not to be just another lender offering a basic hybrid closing,” said Steve Johnson, president of SNMC. “Achieving our goal required a powerful end-to-end technology, a perfectly executed seamless implementation, and an intuitive interface that everyone-staff, settlement service providers and borrowers-could use immediately, without a steep learning curve. We got that and more with DocMagic. Plus, the DocMagic implementation team was with us all the way. We never had to worry about a thing.”

The two companies approached the project as partners to ensure swift adoption and a quick understanding of the new workflow-driven eClosing process for both SNMC’s staff and customers. DocMagic worked hand-in-hand with the lender, leveraging its vast eMortgage expertise to help sculpt a unique strategy and a successful go-to-market launch. Unlike other document and eClosing solution providers, DocMagic takes an ultra hands-on approach to implementations, from developing the project roadmap, to training all parties-such as staff, title agents and notaries-to synchronized testing of each facet of the Total eClose platform.

“Our implementation teams function like expert consultants-we work very closely with each client, guiding them literally every step of the way,” said Dominic Iannitti, president and CEO of DocMagic. “There is a huge number of moving pieces in an eClosing solution. As a single source solution, we have intricate knowledge of every one of them, so there are none of the issues that plague other providers-not only immediately after the implementation, but over the long haul as well. In contrast, lenders who

choose incomplete or cobbled-together eClosing technologies may have to hit the restart button within 12 to 18 months and search for a comprehensive solution.”

DocMagic is a recognized eClosing pioneer, and has been a part of virtually every state-first eClosing in the U.S.

“We’re pleased to work with companies like SecurityNational Mortgage that truly understand the value of implementing a 100 percent paperless eClosing process,” said Iannitti. “They have taken a leadership position in facilitating eClosings and are ready for an inflow of new business that will be conducted very efficiently.”

DocMagic’s comprehensive suite of eSolutions and eServices also includes SMARTDocs, eNotes capability, eVault technology, eWarehouse lending, and even loan servicing.

About DocMagic:

DocMagic, Inc. is the leading provider of fully-compliant loan document preparation, compliance, eSign and eDelivery solutions for the mortgage industry. Founded in 1987 and headquartered in Torrance, Calif., DocMagic, Inc. develops software, mobile apps, processes and web-based systems for the production and delivery of compliant loan document packages. The company’s compliance experts and in-house legal staff consistently monitor legal and regulatory changes at both the federal and state levels to ensure accuracy. For more information on DocMagic, visit https://www.docmagic.com.

About SecurityNational Mortgage Company:

SecurityNational Mortgage Company (SNMC) is an award-winning retail mortgage lender. Headquartered in Salt Lake City, Utah, the company has 102 offices across the nation and is currently licensed in 44 states. SNMC is a wholly-owned subsidiary of Security National Financial Corporation, a publicly traded company (SNFCA – NASDAQ®). Founded in 1993, SNMC is celebrating its 25th year in business and is proud to have helped thousands of homeowners each year with their home purchases and refinances. SecurityNational Mortgage Company is an Equal Housing Lender (NMLS 3116). For more information, visit https://snmc.com/.

Media Contacts:

Joe Bowerbank
Profundity Communications, Inc. for DocMagic
949-378-9685
jbowerbank@profunditymarketing.com

Paul Christensen
SecurityNational Mortgage Company
801-838-9808
paul.christensen@snmc.com

SNMC Press Center

Steps to home ownership made easy

Mar 9, 2020

Helpful Articles > First-time homebuyersPurchasing a home can seem complex. Obtaining a mortgage shouldn't be. Here are simple steps to get you started on your journey to homeownership: 1. Buyer obtains prequalification from lender 2. Buyer identifies desired home...

3 things more important than your interest rate

Jan 6, 2020

There are at least 3 things more important than the home loan interest rate you get. Shopping for a lender based only on rate will mean likely missing them. Home buyers often mistake interest rate as the only important part of a home loan. It’s not. There are many...

SecurityNational Mortgage Implements a Fully Paperless Closing Process Using DocMagic’s Total eClose™ Platform

Dec 19, 2018

Lender achieves full eClosing benefits, faster and more reliably, as the result of DocMagic’s consultative implementation process, single-source platform, and intuitive UI

DXDT Racing finishes strong at Grand Prix of Texas

Mar 27, 2018

At the Grand Prix of Texas at Circuit of the Americas, in Austin, TX, DXDT Racing competed in the first and second round of the Pirelli World Challenge SprintX Action.

9 Mistakes to Avoid When Getting a Mortgage

Jan 31, 2018

You’ve found that perfect house, now it’s time to get financing. You’ll want to steer clear of some of these mistakes when you get your mortgage. Here are 9 mistakes to avoid when getting a mortgage.

DXDT Racing finishes strong at Grand Prix of Texas

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DXDT Racing finishes strong at Grand Prix of Texas

Austin, TX – March 24th and 25th was an exciting weekend for SecurityNational Mortgage-sponsored DXDT Racing. At the Grand Prix of Texas at Circuit of the Americas, in Austin, TX, they competed in the first and second round of the Pirelli World Challenge SprintX Action. 15 VIP guests cheered them on as they secured TWO 2nd place finishes! Next up, DXDT will be competing at the Virginia International Raceway on April 28th and 29th. We wish them the best of luck.

9 Mistakes to Avoid When Getting a Mortgage

You’ve found that perfect house, now it’s time to get financing. You’ll want to steer clear of some of these mistakes when you get your mortgage.

1. Don’t change jobs

When applying for a mortgage, don’t change jobs, quit your job, or become self employed. Just keep doing what you’re doing.

2. Don’t buy a car

Now isn’t the time for a new car. You’re getting a new house, remember? One thing at a time.

3. Avoid using credit cards

Don’t use your credit cards excessively or let your account fall behind. Yikes.

4. Don’t spend closing money

Don’t spend the money you’ve set aside for closing. Tempting, but no.

5. Don’t leave out details

Don’t leave out debts or liabilities from your loan application. Be sure to share everything with your loan officer, and I mean everything.

6. Don’t buy furniture

Don’t buy furniture. It’s tempting when you’re buying a new home, but you should really wait until after you have your mortgage complete to get that sectional.

7. Don’t make large deposits

Don’t make any large deposits without first checking with your loan officer. I love large deposits, but ask first.

8. Don’t change bank accounts

Don’t change bank accounts or transfer money between accounts. Hold still while your mortgage is cooking!

9. Don’t co-sign a loan

Don’t co-sign a loan for anyone, even for your son who wants that new car.

So congrats on finding that house, and here’s wishing you a smooth mortgage process.

Disclaimer: SecurityNational Mortgage Company, and its loan officers, unless individually licensed and specifically denoted in their credentials, are not qualified to, and are prohibited from representing themselves as accountants, attorneys, certified financial planners, estate planners, investment specialists or tax experts, and will not advise you in those matters. Always seek the advice of a licensed professional. By submitting your contact information you agree to our Terms of Use and our Privacy Policy. You also expressly consent to having SecurityNational Mortgage Company contact you about your inquiry. This is not a commitment to make a loan. Loans are subject to borrower and property qualifications. Contact loan officer listed for an accurate, personalized quote. Interest rates and program guidelines are subject to change without notice. SecurityNational Mortgage Company is an Equal Housing Lender. Company NMLS# 3116

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