Are you preparing to purchase a new home or property and are unsure of how to begin the mortgage process? As your trusted mortgage investors, we know better than anyone just how simple it can be when you’re prepared. From contacting a mortgage lender for pre-approval to finally closing on your dream home – we’ll be there for you every step of the way. Keep learning to learn more about the mortgage process from start to finish.
6 Steps of the Mortgage Process
1. Mortgage Pre-Approval
Getting pre-approved for a mortgage loan helps to set up a smooth buying experience. Before you reach out to a mortgage company, be sure that you have your credit in order to show that you are ready and able to buy.
2. House Shopping
Now that you’re pre-approved, you need to create a budget and stick to it. Only look at homes that fit within your budget. Once you’ve found a home that meets your needs, you can make an offer.
3. Mortgage Loan Application
Now it’s time to apply for a loan with a mortgage mender or loan officer. You’ll need to verify your employment, income, any assets and current debts. Additionally, you’ll need to decide what type of mortgage you’re interested in.
4. Loan Processing
Your loan officer will now gather all of the information provided to get the wheels turning.
5. Underwriting
The mortgage loan underwriter will evaluate all of the information provided and ensure you meet all eligibility requirements for the loan. Once you have been approved your interest rate will be locked in and the pre-closing process will begin.
6. Closing
Your pace ship is now on the launching pad! This is the time where your closing disclosure will be reviewed, costs are confirmed and your final walk-through is completed.
Contact Mortgage Investors Group Today
Want more information on the mortgage process? Contact our team today to schedule an initial consultation.
