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A Walkthrough of the Mortgage Process

A Walkthrough of the Mortgage Process Getting Pre- Qualified & Pre- Approved Pre-Qualified First step Applying for a Home Mortgage in obtaining a The lender will determine how much the buyer can afford and how much the bank is willing to mortgage finance. Pre-Approved The lender will preemptively state the maximum amount that they are willing to lend. Make note that this is not a binding agreement. Second Step Choose Type of Loan & Lock in Rate >Buyer Provides W2 Forms = Pay Stubs = Bank Statements A loan officer will assist in finding the most appropriate type of mortgage loan for the buyer. Buyer Receives Lender Verifios The opportunity to lock into an interest rate, which will be reserved for a specific time frame キ # Credit Reports 4.25% FBuyer's Financial Status Processing & Underwriting the Loan F Property Appraisal Once the buyer chooses the loan type and locks in an interest rate, the buyer will be given a Good Faith Estimate, which will estimate the total Cost for the loan. An underwriter will review the loan and provide the final approval. They will determine that all loan requírements have been met and that the buyer is qualified for the loan. Third Step Application Complete & Processing Begins Closing the Logn During the Closing The title of the home will be transferred to the new home Loan Approved & Closing Date Set • Fourth Step owner. The buyer will receive a Settlement Statement, whích will provide a complete list of the fees on both sides of the transaction. Different types of mortgages may vary from pre-qualificatiíon to closing. You may want to consult a loan officer for more information. For More Home Buyer Tips and Useful Real Estate Info Check Out: OAnita Clark Realtor Source:

A Walkthrough of the Mortgage Process

shared by anitaclark on Mar 06
If you are buying a home there are a series of steps you need to follow before closing. While getting a mortgage may appear complicated, a basic understanding of the mortgage process might make it easier.


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