Understanding the Mortgage and Loan Process

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

2. Underwriting

  • 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

5. Funding

  • Lender reviews the loan package
  • Funds are transferred by wire

Why pre-qualify?

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.

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