Mortgage Process

To most people, the mortgage process can often appear to be daunting, especially if you are buying your first home. The process can be very simple and does not have to be difficult if you have good and clear communication with your mortgage processor.

The five steps to getting the mortgage from start to finish are:

  1. Pre-qualification
  2. Loan application
  3. Interest Rate Lock
  4. Loan Approval
  5. Closing

Pre-Qualification

Before you start looking for a new home, meet with a reliable mortgage broker and see how much you can afford to buy a home. All you will need is, income, asset information and we can run your credit to see your credit score.

Loan Application

Once you find your dream home, we will set up appointment to start the process of getting you’re the mortgage. You will need to bring in a list of items such as, pay stubs, tax returns, assets, contract for new home, driver license. The application takes about 45 minutes to get done.

Locking The Interest Rate

Once you are approved, you can lock your interest rate. There is NO cost to lock the rate and there are many different option to locking rate, 15, 30, 45, 60 120 day rate locks. The rate pricing is based on credit score, LTV and number of days locking the rate for.

The approval Process

After taking the application, all paperwork will be submitted to the Lender for approval. The approval process takes usually 3 days to get approval. On the approval, there will be conditions to meet for final approval like, appraisal, title, etc..

Closing

Once all conditions have been met from approval, we will schedule closing. Closing is where all final documents will be signed for mortgage. Typically, your first mortgage payment will not start until the second 1st of the month after the closing date.

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