Purchasing a home is an exciting milestone, but it can also feel overwhelming, especially if it’s your first time. I want to guide you through the mortgage process and break it down into clear, manageable steps so you can feel confident and prepared every step of the way.
1. Pre-Approval: Your First Step Toward Homeownership
Before you start browsing homes, we’ll work together to get you pre-approved for a mortgage. During this initial step, we’ll review your financial situation—including your income, credit score, and debts—to determine how much you can borrow. Pre-approval helps you set a realistic budget for your new home and shows sellers you’re a serious buyer.
What we’ll need for pre-approval:
- Proof of income (30 days of pay stubs)
- Two years of W2s
- Tax returns if you are self-employed
- Credit report
- Two months of bank statements
2. House Hunting: Finding Your Perfect Home
With your pre-approval in hand, it’s time to start house hunting! This is where the excitement begins. As you look for homes, remember to keep your pre-approval limit in mind. We’ll work together to ensure you’re focusing on homes within your budget, and I can connect you with a trusted realtor to guide you through the home search.
3. Making an Offer: Let’s Negotiate
Once you find the home that feels right, it’s time to make an offer. With the help of your realtor, you’ll submit an offer to the seller. If your offer is accepted, we’ll move forward with the next steps in the mortgage process.
4. Loan Application: The Details Matter
After your offer is accepted, we’ll complete the loan application. You’ll provide us with detailed information about your financial situation, such as income, assets, and debts. This helps us determine the best loan options for your needs.
During this stage, the underwriter may ask for additional documentation to clarify any questions. This is a standard part of the process and helps us ensure everything is in order before moving forward.
5. Processing: Getting the Green Light
Once we’ve submitted your application, the lender will begin the processing phase. We’ll verify all the details of your application and order a property appraisal to ensure the home’s value matches the loan amount.
6. Underwriting: The Final Review
In the underwriting phase, the underwriter will review your loan application and the appraisal to ensure everything is in order. If anything looks unclear or requires further clarification, the underwriter may request additional documentation. Once everything checks out, your loan will be approved, and you’ll receive the “clear to close.”
7. Closing: Signing the Dotted Line
At closing, you’ll sign the necessary paperwork and pay your closing costs. Once everything is finalized, the funds are transferred, and you’ll officially own your new home!
8. Post-Closing: Settling In and Managing Your Mortgage
Once you’ve closed on your new home, it’s time to move in and start enjoying your space! Remember that managing your mortgage doesn’t stop here. We’ll continue to be here for you, helping you understand your loan terms, answering questions, and ensuring you stay on track with your payments.
Schedule a time to sit down and get started.
