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EASY STEPS IN THE HOME LOAN APPROVAL PROCESS
6 Steps in Mortgage Process
Learn about the essential stages of securing a mortgage, from pre-approval to closing. This guide simplifies the complex process, making home buying easier to understand.
STEPS TO GETTING A MORTGAGE LOAN
HAVING A DETAILED CONVERSATION
You should have a detailed conversation about the mortgage loan process. This is so we can find out your goals, dreams, needs and wants for your home loan approval process. This is also a great time to go over what is most important to you in the mortgage process, are you looking for the lower rate, the lowest down payment, do you need a grant? These are the things to go over with us when we chat.
COMPLETING YOUR LOAN APPLICATION
Next steps in the home loan approval process is, you should complete your mortgage loan application. This gives us a 2 years snap shot of where you have lived and worked for the last 2 yeas. it tells us your current financial situation and gives us permission to to check your credit and look at your documents and move forward with the mortgage loan process.
GETTING PRE-APPROVED
The next step in your home loan approval process is pre-approval, Once you have completed your loan application and uploaded all your documents we can issue you a pre-approval. This is your letter to give to your realtor that says you have started the mortgage loan process and are ready to go shopping. It gives you your max loan amount, down, and payment as well so you feel super confident and ready to go shopping for your dream home. This is a really important step in the mortgage process.
GO SHOPPING
Now the mortgage loan process fun begins, and you get to go shopping for your dream home. If you don’t have a realtor, don’t worry we have your back and can refer you to a local list of amazing agents who we recommend. Once you find your dream home your agent will write a contract and if it is accepted, we are off to the races with the next steps in your home loan approval process.
GET THROUGH UNDERWRITING
Once you are in contract the home loan approval process will move pretty fast, you will need to stay on top of things to make sure you get everything done and you meet all the deadlines in your contract. We will send you a list of to do items necessary for your mortgage loan process . We have a great video below on what happens once you are in contract. Next step in the mortgage process is underwriting, they are the final say in your loan approval. Once they give you the A OK we are golden! WHOOO HOOOO!
IT’S CLOSING DAY
Once you clear underwriting and all conditions of your home loan approval process have been met, it is closing day. This is the end of the mortgage loan process, when the remaining money exchanges hands, and you sign the papers, and get your keys! Its a big day get ready to pack! That is the mortgage process in a nutshell! It wasn’t so bad was it?
What to do in the home loan approval process once you are in Contract
Your in Contract Now What
Learn about the next steps after signing a real estate contract, including home inspections, securing financing, negotiating repairs, and preparing for the closing process.
