The Mortgage Process
Financing a home may seem overwhelming, but at The Mortgage Firm our goal is to make your mortgage experience simple. Let’s break down each step to help you better understand the mortgage process.
Step 1: Pre-Approval
One of our experienced home loan experts will help you fill out an application and review the documents required to apply for a mortgage. We will evaluate your income, assets, and credit to determine how much home you can afford and provide a Pre-Approval Letter detailing how much you qualify for.
Step 2: Submit an Offer
After you have become pre-approved and have found your dream home, you will submit a solid offer to the seller with your real estate agent. Once your offer gets accepted, your Loan Originator will request updated documentation as needed, submit your application, and request that you review and sign necessary disclosures about the loan process.
Step 3: Inspection and Appraisal
After the application is submitted the appraisal will be ordered on the home. The inspection can be ordered too. During this period, the title and transcripts are ordered, and additional documentation may be requested. A flood certification is pulled, and all disclosures must be signed.
Step 4: Processing
At this point your loan file is being reviewed and additional documentation is requested. Your file will then be submitted into Underwriting for a credit decision to be made.
Step 5: Underwriting
Once your file reaches Underwriting, the file will be analyzed to see if your credit, income and assets meet the guideline requirements for the loan. The appraisal report is also evaluated during this period to determine if the house’s value reflects the purchase price of the home. Once everything looks good, your loan will be approved with conditions to be fulfilled prior to closing.
Step 6: Closing
Congratulations, you have made it to the closing table! Your loan conditions are met and cleared, leaving a final review of the closing disclosure and documents for accuracy. You can do a final walk through of the property. Next, sign your closing documents and your loan will get funded. You will receive your new home keys and voi-la! You are a homeowner!