Mortgage Process Start to Finish
The process of buying a home can be extremely burdensome and daunting. I am here to serve as your mortgage expert and guide you through the process and make it as easy as possible.
10 Steps to turn a house into a home. Here are the steps from start to finish:
1. PRE QUALIFICATION The first step is to call, text, or email me to setup your pre qualification. In this initial step, we will determine your credit worthiness, income, assets, and other debts. These factors along with your personal goals will allow us to determine which loan product is best for you, how much house you can afford, and your time frame to buying your new home!
2. PRE APPROVAL After our initial consultation, I will review certain documents to ensure we meet all specific loan guidelines. These documents include 30 days most recent pay stubs, last two years of W-2’s, last two years of federal tax returns, two most recent bank statements (all pages), list of employers for the last two years, and list of residences for the last two years. After reviewing these documents, we will be in position to Pre Approve you for a mortgage.
3. HOME SEARCH With your pre approval behind you, you are ready to start looking at homes. Your licensed REALTOR will set you up on a MLS search and show you homes. If you need guidance on a REALTOR, I can offer referrals based on what area you are looking as well as your personality! Having the right REALTOR is an extremely critical part of finding the right home!
4. WRITING A CONTRACT When you find a home that you want to make an offer on, let me know the property address. I will get the exact figures and costs to determine the closing costs associated with your new home! I will send the pre approval letter to your REALTOR to accompany your offer!
5. CONTRACT ACCEPTED Congratulations! After the contract is accepted, I advise to schedule an home inspection as soon as possible. An home inspection is not required, but provides peace of mind that the condition of the property you are buying is expected. After all, this is one of the largest financial decisions of your lifetime!
6. LOAN APPLICATION After we have a ratified contract, we will schedule your loan application. At this time we will lock your interest rate. We will sign all the necessary papers either in person or electronically. Additionally, any updated paperwork will be needed to continue the process!
7. PROCESSING After loan application, your loan application will go to processing. I have an in person processor who handles all my files (as compared to a corporate processor located many states away). She will order all items we needed for your loan including, verification of employment, appraisal, tax transcripts, and title work.
8. UNDERWRITING After my processor has ordered the necessary documents, she will submit the loan to underwriting. Underwriting will issue a conditional approval within 24-72 hours. The underwriter will list conditions that are needed to be satisfied. The underwriter ensures that all the i’s have been dotted and the t’s have been crossed. Once all conditions are satisfied, we resubmit the loan to underwriting for final approval.
9. FINAL APPROVAL The underwriter will verify that all conditions are satisfied and will then issue a final approval called clear to close (CTC). At this point, all the stress and unknown is over. We will schedule closing. Our balancer will work with the title company to finalize all figures and get the exact amount of cash to close.
10. CLOSING The last step! This is where you sign all the necessary documents and bring the cash to close! This will take about an hour. After closing, you will get the keys to your new house! Next step is to get moved in! You are officially a new home owner!