The Steps for Getting a Mortgage

Getting a Mortgage – Here is How it Works

Doing it right the first time is the Short Cut!

Step 1.  Review Credit Report, Pre-qualify.

Step 2.   Gather and review Support Documents

Step 3.  Pre-approval Application.

Step 4.  Flips to a real deal once a property is under contract and we have the support documents.

Step 5 Loan officer and processor gather and package all of the needed support documents, title report and appraisal then submit to underwriting.

Step 6.  The underwriter reviews everything in the file and approves the loan subject to clearing ALL of the conditions.

Step 7.  Clear the Closing Conditions from Step 6.  All loan applications approved by an underwriter have conditions that must be cleared before closing, get a new pay stub, fix the typo, have the borrower explain the deposit, etc.  An endless list!!!  They take time to address…

Step 8.  Gather all the conditions from Step 5 and submit to the underwriter.

Step 9.  Underwriter reviews the conditions and changes the status to Clear-to-Close.

Step 10.  A closing date is set and a closing package is sent to the closing attorney.

Step 11.   The closing attorney prepares all of the documents needed at closing, including the closing statement which contains the final numbers you will need at closing.

Step 12. CLOSING!!!!

Step 1. Review Credit Report, Pre-qualify.

Doing it right the first time is the Short Cut! Step one is reviewing a couple of the basics in the mortgage process, credit, income and expenses.  It is often referred to as Pre-qualifying, or being Pre-qualified. Pre-qualified is not the same thing as being Pre-approved.  Pre-qualified is mostly a verbal process, Pre-approved requires support …

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Step 2. Gather and review Support Documents

Mortgage underwriters are not allowed to clear loans to close without reviewing support documentation that matches the information on the loan application.  The Pre-qual process sets the stage for Step 3, Pre-approval.  A Pre-approval is not the same as Pre-qualification.  In order to run a valid underwriting scenario for the Pre-approval step we must review …

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Step 3. Pre-approval Application.

The first step in the process of financing a home is to be Pre-Qualified.  The purpose of doing that is to see if there are any problems before putting any funds at risk.  Home inspections, an appraisal, good faith deposit and possibly other expenses are paid in advance.  Think of the Pre-Qualification process as a …

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Step 4. Flips to Real Deal

Arrange the Mortgage then Buy a Home If you followed the first three steps in order this step is a lot easier! You know exactly how much you can afford to spend, the terms of the financing and how much money you will need at closing.  We outlined in step 3 how to structure the …

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Step 5. Processing the Mortgage Application

Contract or Escrow Stage Most home buyers are nervous during this stage because they did not follow a road map similar to this step-by-step plan.  Fear of the unknown is what causes the stress yet few people slow down and think about what they are doing.  Most buyers spend ten times if not a hundred …

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