Home Buying Process
HOME-BUYING
PROCESS
PRE-APPROVAL* 1
Review Fairway’s document checklist. Meet with a loan officer so you know your budget for a home.
HOME SEARCH 2
With a real estate agent, find the type of home you’re looking for within your budget, make an offer.
LOAN APPLICATION 3
Once you have a property address determined, provide it to us so we can begin your application process. See Fairway’s document checklist for documents you will need to provide during this process
PURCHASE PRICE NEGOTIATION 4
Once you and the seller agree on a price, a contract is created and accepted.
EARNEST MONEY DEPOSIT 5
A copy of the contract is sent to Fairway Independent Mortgage Corporation.
DISCLOSURES 6
Loan estimate and federal/state disclosures are delivered to borrower. Borrower must provide their intent to proceed to order services.
APPRAISAL 7
Fairway will order your appraisal on your behalf and submit to the underwriter for approval.
UNDERWRITING 8
An underwriter will review your loan application and determine if additional information is needed.
FINAL LOAN APPROVAL 9
Once all information has been approved, your loan is clear to use.
CLOSING DISCLOSURE 10
Lender provides CD to borrower, who can share with real estate agent, or if prior consent is received, lender can share with real estate agent directly.
CLOSING DOCUMENTS 11
Closing documents are sent to the title company.
MONEY FOR CLOSING 12
Fairway will contact you with final figures and information.
FINAL CLOSING STEP 13
Meet the sign closing documentation at the title company. Bring a photo ID and complete payment of closing costs as directed.
THE LOAN IS FUNDED
You are now a homeowner!