Four-Step Mortgage Process Whether you're buying your first home, a second home, or refinancing your existing home - let us help you understand your options, plus offer useful tips that will help you save time and money. Step 1 Prepare Your first step in the mortgage process is assessing your financial situation & preparing for your new home purchase. Some of the things you want to think about prior to obtaining financing would be checking your credit score, researching mortgage companies and building a budget to help you understand what you can afford to purchase. It’s helpful to have a 360 degree view of your finances before you begin your home search. Step 2 Get Pre-Approved & Apply The second step in the mortgage process is your pre-approval application. It’s important to get pre-approved early in the mortgage process. A pre-approval letter shows the seller that you are serious, have met with a lender, and you are able to qualify for the mortgage requested. The pre-approval consultation will help you understand your purchasing power, allow you to review your credit report and provide an awareness of anything that you need to do to best position yourself in making an offer. The pre-approval appointment takes 20 – 30 minutes and there is no cost or obligation. Your loan counselor will review products, rates, and payments with you. They will also educate you on the changes in the industry, current requirements on mortgage programs, as well as the next step toward locking in your interest rate. Step 3 Mortgage Processing Once you have found a home and locked in an interest rate, the processing of your loan will begin. You will then receive a locked loan package for you to review, sign and return along with any requested documentation you will need to provide. An appraisal will be ordered; the loan processor will verify all income, asset, collateral, and liabilities and prepare the loan for underwriting. Once the loan is approved, your loan processor will contact you and issue a final loan commitment. Step 4 Closing The final step in the mortgage process is the closing. Our closing team coordinates the final loan documents with the local title company or closing attorney, including preparation of the Closing Disclosure once title fees and invoices for other settlement services are received from the title company, your loan closer will review this document with you and discuss the amount of funds needed. You will bring your certified or wired funds to the closing and sign the final mortgage documents. Once the signing has occurred, the settlement office will notify your closer and the loan will be funded. Congratulations - you will receive your keys & you are now a proud new homeowner!