Loan Process
Your Loan Journey
Entering the housing market is an exciting milestone. However, we know that the financial side of buying a home can sometimes feel a bit overwhelming. That is exactly why we are here!
The loan process doesn't have to be a mystery. From getting your initial pre-approval to finally holding the keys in your hand, we are dedicated to walking you through every single step with complete transparency. We will help you navigate your options, secure the right financing, and close with total confidence.
Ready to get started? Reach out to our team today and let's map out your path to homeownership.
The First Steps
You found a home! What is the next step? What’s the timeline and steps to make this a done deal? This 6-step simple guide to the mortgage lending process to make it easier for first-time home buyers to stay ahead of the process like a pro.
Loan Checklist
- Last 2 years of Fed tax returns. Include any W-2's & 1099's
- For W-2 employees the most recent 30 days of paystubs
- For the self employed recent profit and loss statements
- Most recent 2 months of asset statements
- Current mortgage or property statements
- Any rental agreements for rental properties owned
- Completed mortgage application
The Process
1. Submit Applicaton
The mortgage lender orders a home appraisal to make sure the home you are buying is in line with your purchase offer. Appraisals must ususually come in close to the loan amount, not lower.
2. Home Inspection
The buyer orders the home inspection as soon as possible. Home inspectors will often uncover and recommend repairs at the seller's expense that you may not have noticed.
3. Loan Approval
First, the loan underwriter signs off on the loan. Then, they order the loan documents. Once approved, the lender sends the loan paperwork to a title company of your preference.
4. Process/Underwriting
The underwriter makes sure the deal is rock solid and fits all guidelines. They might ask you for additional documentation. It happens often and doesn't necessarily indicate a problem.
5. Home Appraisal
The mortgage lender orders a home appraisal to make sure the home you are buying is in line with your purchase offer. Appraisals must ususually come in close to the loan amount, not lower.
6. Closing
The title company has calculated the costs and credits for all parties. Bring in payment to close the deal and sign all loan and closing documents. The title is recorded and the keys are yours.