With so many different steps involved in a mortgage, it helps to understand the basics.
We understand that mortgages can be confusing. That’s why we’ve provided a step-by-step guide to help you understand the process. Our mortgage loan officers are here to help you from start to finish, making the process as seamless as possible. Here’s what you can expect.
Now that you have decided to apply for a mortgage loan1, taking the time to get all of the required documents organized can help make things easier throughout the process. Click here for a full checklist of what you’ll need during the application process.
As you begin the home buying process, it can be helpful to get pre-qualified for a loan. This step will help you determine how much of a mortgage loan you can afford and help you when it’s time to make an offer on a new home.
During this step, you will be asked to submit information about the property you wish to purchase and your personal finances. With South State, you can start your mortgage application online. Once it’s submitted, we will review your application. Then, you will receive a Loan Estimate statement detailing your note rate and corresponding annual percentage rate.
We will coordinate the evaluation of your property, after which we will contact the closing attorney to prepare the title search and arrange a title insurance binder. A copy of your appraisal will be provided as soon as we receive it.
After your property appraisal is complete, we will review the documentation you provided at the application of your loan. If all required documents have been submitted and meet our underwriting standards, the underwriter will issue final loan approval.
We’ll work with you to determine a closing date that is convenient for you and your real estate agent. Your loan officer will also confirm any final details with you at this time.
You will sit down with your attorney and sign all of the required paperwork to complete your loan closing.
Congratulations! After all your hard work it’s time move in, get settled and enjoy your new home.
1. All loans are subject to credit approval.