4 Easy Steps to Obtain a Mortgage
STEP 1 Pre-Qualification
Get pre-qualified before touring homes. This process can be done in person or over the phone and will give you an idea of the price range of home you can purchase. At this point, your loan officer will provide you with a good faith estimate of cost to show you all the closing cost associated with the loan along with an anticipated monthly payment based on the appropriate price range. Once you have been pre-qualified and locate a home, your loan officer will provide your real-estate agent with a letter indicating you do qualify to purchase that home. Getting pre-qualified ahead of time will give you an advantage over other buyers.
STEP 2 Finding the Right Mortgage
Once an offer has been agreed upon by all parties and a closing date has been established your loan officer will provide you with a firm good faith estimate based on updated interest rates. The next step is to make an appt to apply for the loan and to discuss locking in an interest rate.
STEP 3 Loan Approval
After you have submitted all of the required documentation* to your loan officer, the approval process begins. The appraisal on the home is ordered and we submit your file to our in-house underwriter for loan approval.
Once the loan is reviewed and approved, we will order the title work from your closing attorney along with homeowners’ coverage from your insurance company. When these documents are approved, a clear to close is issued and the closing package is sent to your attorney.
STEP 4 Closing
Your closing typically takes place at your attorney’s office. A certified check for your down payment and closing cost will be required. You should contact your closing attorney for the exact amount of the check required and also who the check should be payable to.
