Home Financing Process
Initial Consultation
Pre-Approval
Processing
Underwriting
Pre-Closing
Closing
STEP 1: INITIAL CONSULTATION
This initial consultation covers:
- How long do you plan on living in the home.
- How much down payment you will need.
- How much you want your monthly payments to be.
STEP 2: PRE-APPROVAL
This initial consultation covers:
- Simplifies the home-buying process from the start
- Helps you determine how much home you can afford before you start shopping for homes Lets sellers know you’re serious about purchasing a home
STEP 3: PROCESSING
After you have completed a loan application, your loan file is submitted to the loan processor.
- The processor reviews your file and orders your property appraisal.Depending on your situation, the processor may need additional documentation during this step.
- Once your loan file is completed, the processor submits it to underwriting for approval.
STEP 4: UNDERWRITING
- The underwriter reviews your loan file to ensure all guidelines are met for the specific loan program and issues a loan decision.
- Once your mortgage has been approved and all conditions have been cleared, your loan ismoved to “Clear to Close” status.
STEP 5: PRE-CLOSING
You will receive a loan commitment letter that contains details of your loan, including:
- Rate, amount and term
- Outstanding conditions that need to be addressed before the file is sent to closing. Once everything is cleared by the underwriter, our closing department will complete your final documents
STEP 6: CLOSING - CONGRATS! YOU ARE NOW A HOMEOWNER!
During closing, you will sign a variety of final documents. Be sure to bring:
- Photo ID
- Proper form of payment to cover down payment, closing costs, prepaid interest, taxes, insurance or any additional costs