Here is an overview of the loan process from start to finish. This is everything you will need to expect during the mortgage process.
Our team will be here to walk you through each part step by step.
Pre-Qualification & Pre-Approval
During this first consult, we will discuss your financial information to evaluate your credit, income and assets. At this point, everything will be done verbally (meaning no documents will be required yet) unless you are self-employed or have multiple investment homes. Based on this information, we can pre-approve you for a home loan and start discussing options.
Mortgage Application and Appraisal
Once you find a home and are under contract, an application will be sent to you for signatures. We will work with you to lock your rate and order your appraisal. You will also need to provide documentation that supports your pre-approval information such as:
- Paystubs or Retirement Awards Letter(s)
- W-2ʼs and/or 1099ʼs
- Bank Statements and/or Retirement Statements
- Photo ID
- Documents on other homes owned, etc.
Congratulations! This approval means the underwriter has reviewed your loan file and documents and has issued a commitment letter. This is also called a conditional loan approval because there are always conditions to the loan we must meet before closing.
Some examples of conditions you may see on your commitment letter are:
- Documentation showing your earnest money deposit checks cleared
- Providing additional gift or asset documentation or sourcing large deposits into your bank accounts
At this stage in the process we will work with you to clear all the remaining conditions on your loan. You will be asked to shop for homeowners insurance, co-ordinate your closing with your title company or attorney, and if you havenʼt already, lock your interest rate.
Initial Closing Disclosure (ICD)
This document will be the initial collaboration with your title company or attorney before closing and will show your interest rate, closing costs and your total cash needed for closing.
This is REQUIRED to be acknowledged and signed 3 business days prior to closing by law.
Sign the final mortgage documents and get the keys to your new home!