Obtaining a home mortgage involves several steps, and while the specifics may vary based on your personal situation, here are the seven main steps typically involved:
Preparation and Research
Mortgage Pre-Approval
Once we complete the initial consultation over the phone, we’ll have you complete our ONLINE APPLICATION. It’s a very straightforward process and easy to complete. You can do it online or download the app directly to your phone. From there, we’ll review your credit history, financial information, employment, assets and everything else, and come up with a customized plan for you. Be sure to ask us about the Three Types of Approvals so you can upgrade yours and put yourself in the best position of securing your dream home.
Choose a Mortgage Type
Based on your research and pre-approval, choose a mortgage type that suits you (such as fixed-rate, adjustable-rate, Conventional, FHA, VA, etc.). We’ll discuss all options with you and guide you in the right direction, but the choice is ultimately yours. Sometimes you’ll have only one option – sometimes you’ll have multiple options. Our job is to educate you and give you all the necessary information to make an informed decision.
House Shopping
Once we have finalized your pre-approval, the fun part starts! You can now get out and start looking at homes with your preferred Realtor. If you don’t have one, we can make an excellent recommendation and connection to someone in our trusted network, who is familiar with the location that you want to live in. Our upgraded approval process can help streamline everything and put you in the best position for getting your Contract Confirmed once you submit an offer.
Mortgage Underwriting
Once we complete the initial consultation over the phone, we’ll have you complete our ONLINE APPLICATION. It’s a very straightforward process and easy to complete. You can do it online or download the app directly to your phone. From there, we’ll review your credit history, financial information, employment, assets and everything else, and come up with a customized plan for you. Be sure to ask us about the Three Types of Approvals so you can upgrade yours and put yourself in the best position of securing your dream home.
Conditional Approval and Documentation
Once the underwriting is complete, you will receive a conditional approval. This means that we are willing to proceed with the loan, but there may be additional conditions to meet. Since we work hard to gather all necessary documentation up front, the conditional approval is usually pretty “clean” meaning you shouldn’t need to provide too much more. There are usually a few additional items that will be requested to finalize the loan process, and you’ll work with our Processing team to gather those items so we can then submit your file back to underwriting for Final Approval.
Final Approval and Closing
After we’ve cleared all of the conditions of underwriting, we’ll issue those three favorite words in the mortgage process – CLEAR TO CLOSE! This is also called “Final Approval.” At this point, we will finalize the figures with the title company and review the final closing disclosure with you, which outlines the final terms and costs of the loan. You’ll review and sign this document on the day of closing. Then, you’ll schedule a closing time with the title company where you sign all the necessary paperwork to officially obtain the mortgage and take ownership of the property. In Florida, you take possession on the day of closing!
The mortgage process can be daunting or overwhelming up front but we work hard to make it as simple and stress free as possible. Our goal is to help you navigate the home loan process with ease. Please do remember that the mortgage process involves a lot of paperwork and can take several weeks to complete. It’s important to be responsive to our requests for information and documentation to ensure a smooth process. Working with a knowledgeable mortgage team like us can also be extremely helpful in navigating the complexities of obtaining a home mortgage. We love helping clients make the process as stress free as possible!! Call us today to get started.
