Not sure what to expect when looking to apply for a home loan? We've put together this overview to help you understand the mortgage loan process.
Many begin by getting an estimate of how much they can qualify for. In this step, we start the process by getting to know more about you and your financial situation. We may do a soft credit pull and check your income and debt-to-income ratio. This information will give us a reasonable estimate.
The next steps to getting approved for a home loan are doing a thorough credit check and submitting the required documentation such as pay stubs, tax documents, and credit statements. Once approved, you'll have an approval letter and are now ready to make an offer on your dream home.
Once you've found a home that you'd like to purchase, the lender will order a home appraisal to make sure the home's market value and your offer are in-line.
The underwriter makes sure the deal fits all guidelines. Sometimes they ask for additional documentation, but it doesn't necessarily indicate a problem. Respond quickly to any requests to keep the process moving forward and close as quickly as possible.
Before closing, you'll receive a Closing Disclosure showing the actual terms of the agreement and your final costs. Review these closing documents and ask for clarification if you don't understand anything. Once everything is clear, you'll be ready to sign the final paperwork and pay for closing costs.
Mark Liesner, RMLO ID #1445514, Licensed in Texas (but I can help in most states). Edge Home Finance Corporation, 4530 West 77th Street, Suite 365, Edina, MN 55435 NMLS ID#891464 Copyright © 2024. All Rights Reserved. Equal Housing Lender.This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates, and programs are subject to change without prior notice.All products are subject to credit and property approval. Not all products are available in all states or for all dollar amounts. #multimillonaire #240 If you are refinancing your existing loan, your total finance charges may be higher over the life of the loan. Other restrictions and limitations apply. Residential Mortgage Loan Originator.