When making the decision to purchase a home, your first step should be establishing a lender to provide you with your home mortgage loan. Below is a step by step process that will allow you to have a better understanding of how it generally flows.
The Mortgage and Loan Process
1. Financial pre-approval
- Application and interview
- Buyer provides pertinent documentation, including verification of employment
- Credit report is requested
- Appraisal scheduled for current home owned, if any
- Loan package is submitted to underwriter for approval
3. Loan approval
- Parties are notified of approval
- Loan documents are completed and sent to closing attorney
4. Closing Attorney/Title Clearance
- Title exam, insurance and title survey conducted
- Lender reviews the loan package
- Funds are transferred by wire
We recommend our buyers get pre-qualified before beginning their home search. Knowing exactly how much you can comfortably spend on a home reduces the potential frustration of looking at homes beyond your means.