The Home Loan Process

Mortgage Application

 Home Loan Process: Step 1

Once you have talked with a loan officer about the type of loan for which you want to apply, it’s time to start the home loan process. The mortgage lender will ask a series of questions and gather all of your personal information to determine for how much you can qualify.

Mortgage Application

pre approval

 Home Loan Process: Step 2

Once the application is submitted and verified, you will receive a Pre-Approval letter showing the maximum interest rate, purchase price, and loan amount. It’s now time to go house hunting and work with a Realtor to find your dream home.

Pre-Approval

loan processing

 Home Loan Process: Step 3

At this point, you are under contract on the home you want to purchase and it’s time to start processing the loan. You will sign a purchase agreement between you and the seller on the terms and conditions of purchasing the home. After that, you will deliver an earnest money check to the title company.

Processing

underwriting

Home Loan Process: Step 4

The file gets underwritten and your loan officer will typically receive a “Conditional Approval” naming any items that the underwriter wishes to see and review in order to approve your loan

Underwriting

home closing

Home Loan Process: Step 5

You have finally made it to the last step and are one step away from being a homeowner. You will receive a Closing Disclosure that is a five-page document that must be signed before the closing.  The next and final step is going to the closing.

Closing