Step 1: What can I buy?
During this step, you will want to work with a mortgage professional to help you review the options available to you and what you can qualify for. Once this is done your Loan officer will provide you with a pre-approval letter to help you in your home shopping experience.
Step 2: Finding a Home
Now you will work with a realtor who will help you to find a home that fits your need and is within your budget as shown in your preapproval. Once you've found a house you like your realtor will work with you to create an offer to give to the seller.
Step 3: Completing Your Application
Once you have an accepted offer from a seller it's time to complete your mortgage application. Things like your credit may be pulled and paperwork is collected from you to confirm employment and income as required. Don’t worry, these are things you already have handy like pay stubs, tax forms, etc. Within 3 days of completing your application you will receive a Loan Estimate (LE) that will give you a complete and detailed breakdown of the costs associated with your loan.
Step 4: Bringing It Together
This step includes combining your application with the documents you have provided. We’ll review these items and may require additional paperwork depending on the type of mortgage. If an appraisal is required, it will be ordered during this stage.
Step 5: Reviewing the Facts
In this step, your application and supporting documents will be evaluated in detail. If necessary, we will verify your income and assets, and check the guidelines to make sure we have thoroughly completed the evaluation.
Step 6: Meeting the Criteria
Some applications may meet the initial loan criteria but still need a few more items to move it forward. If this is the case with your application, you’ll be hearing from us to explain what’s needed.
Step 7: Getting to the Finish Line
This is the final step in the mortgage process. You will be hearing from us about any remaining details so we can each make sure we have everything we need. Additionally, the title company will set up a meeting for you to come in and sign all required closing documents, so get your pen ready. You will be provided a Closing Disclosure in advance of your closing that, like the loan estimate you got at the beginning, breaks down all the associated costs and elements of your mortgage.
Step 8: Home Sweet Home
Congratulations! Once the title meeting is over, the process is complete and you’re ready to enjoy your new home.
