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.
Step 1: Get Organized
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.
Step 2: Prequalify
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.
Step 3: Apply for a Loan
During this step, you will be asked to submit information about the property you wish to purchase and your personal finances. Once it’s submitted, we will review your application. Then, you will receive a good faith estimate and a Truth in Lending disclosure statement detailing your note rate and corresponding annual percentage rate.
Step 4: Get a Property Appraisal
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.
Step 5: Underwriting Process
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.
Step 6: Determine a Closing Date
We’ll work with you to determine a closing date that is convenient for you and your real estate agent. You loan officer will also confirm any final details with you at this time.
Step 7: Complete the Final Closing Process
You will sit down with your attorney and sign all of the required paperwork to complete your loan closing.
Step 8: Move In and Enjoy Your New Home!
Congratulations! After all your hard work it’s time move in, get settled and enjoy your new home.