STEP 1: Initial Consultation
This initial consultation covers
- How long 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-Qualification
Getting pre-qualified 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 is moved to “Clear to Close” status.
STEP 5: Pre-Closing
You will receive a loan commitment letter that contains details of your loan, including:
- 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
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