Mortgage 101

There are important steps to take when applying for a mortgage. We’ve composed a summary of the process.

  1. Apply for a mortgage pre-qualification.
  2. Make your offer.
  3. The seller accepts your offer.
  4. Schedule an engineer’s inspection.
  5. Apply for the mortgage.
  6. Get an appraisal for the property
  7. Processing. During the processing step, the loan is examined to ensure that all the information is complete, accurate, and meets the end investors requirements. Verifications, appraisals, credit reports and other necessary documents are ordered at this time. The objective is to gather the facts that will be used to make decisions about the loan. Once this part is complete, the processor submits it to the underwriter
  8. Underwriting. Underwriting evaluates the loan application. All documents will be verified and reviewed. The underwriter compares the facts contained in the loan package to the guidelines of the lender, once all the information has been reviewed, the underwriter will submit the application to the lender.
  9. Acquire insurance
  10. Closing. This is the final step! At closing, documents are prepared, put together, signed and recorded. The mortgage is created and funds disbursed. The title of the property passes from the seller to the buyer who has made a legal obligation to repay the debt.

REMEMBER TO BRING:

In order to calculate the amount you may be able to spend on a home, we have a pre-qualification process. To assure a pre-qualification, we’ll need a few things from you right off the bat.

  • Copy of your paystubs from the last 30-days.
  • Copy of your W2s and Federal tax returns for the last two years.
  • Copy of all pages of your bank account statements for the last two months.
  • Gov’t issued photo ID.
  • If you’ve found your home, bring a copy of the real estate purchase contract.

DO NOT:

  • Co-sign a loan
  • Change or close any bank accounts and don’t make large deposits or withdrawals to or from your checking, savings, or retirement account
  • Apply for a new line of credit (this includes going to a furniture store and buying new furniture using the “two years same as cash” option)
  • Make any late payments, pay all bills when due 
  • Change or quit your job, or change your employment without fist informing your loan officer
  • Allow anyone to pull your credit report or go online and check yourself
  • Make any large purchases like a car or an appliance 
  • Spend any money that is set aside for closing costs

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