Mortgage Process
Loan Application
After Purchase Contract is Accepted
Upfront Documents needed for Pre-Approval
This will be the 1st step in your home purchase plans. The lender will have you complete a full loan application, detailing your personal information, income, assets & credit.
Upfront Documents needed for Pre-Approval
After Purchase Contract is Accepted
Upfront Documents needed for Pre-Approval
Depending on the information provided in your loan application, the Loan Officer will request a few upfront documents in order to determine your maximum purchase price, your required down payment, and what your out of pocket costs will look like. Once you are comfortable with the numbers, they will issue you a pre-approval letter.
After Purchase Contract is Accepted
After Purchase Contract is Accepted
After Purchase Contract is Accepted
Once you find your new home & your offer has been accepted by the seller, a copy of the accepted contract will be sent to the lender right away.
Approved with Conditions
Clear to Close
After Purchase Contract is Accepted
Your Loan Officer will send you a list of conditions requested by the underwriter in order to provide a full loan approval, including who you plan to use for homeowners insurance. They will also order the appraisal to confirm that the value of the home is equal to or greater than the agreed purchase price.
Clear to Close
Clear to Close
Clear to Close
Congratulations! The lender & title company will now work together in order to finalize your numbers for closing. Once the numbers are final, you will receive a copy of the final closing statement and wire instructions, so that you can wire the funds needed before your closing date.
What NOT to Do Until Closing
Clear to Close
Clear to Close
DON'T open new credit
DON'T close any existing accounts
DON'T quit or change jobs
DON'T make any large deposits
DON'T panic (It can be a little overwhelming)
*Always check with your loan officer for any and all concerns/questions*