Before house hunting, it is wise to meet with your Loan Officer for pre-approval. This phase involves the lender evaluating your financial credentials — from income to debts — to gauge the value of the house you can afford. They'll review your credit report, W-2s, recent pay slips, tax returns, and bank statements. Given the array of loan programs available they'll ensure you're pre-qualified for those that align best with your requirements.
When you settle on a property to purchase, your lender will guide you in finalizing your mortgage application and explain associated fees and down payment alternatives. After submission, the application undergoes processing which includes document verification, appraisals, and title checks. Subsequently, an underwriter evaluates the loan, ensuring it complies with all standards before granting approval. Don’t forget to reach out and set up homeowners and flood insurance after your under contract, as your loan officer will need it to complete their paperwork.
Closing Process
Don’t be surprised if you’re asked for additional documentation last few days beforeof closing. Your paperwork will then be directed to the title company for final signatures, and any outstanding fees settled. Once the loan is documented officially, the keys are yours. Cheers to your new home!
I’ll help you find the best local loan officer to get you competitive rates and the programs that best fit your individual needs. Contact me and I’ll connect you with a lender today!
