Mortgage Loans

The Mortgage Approval Process

1. Pre-Qualification

During our first meeting, we will want to get acquainted with you and learn about your goals. Among other things, we’ll want to know a little about your financial situation, the type of mortgage you’re looking for, and your approximate price range for a new home. If you don’t know, we’ll be glad to help you figure out how much you can comfortably afford.

2. Application

The application form is where you provide details about your job, income, debts, assets and credit situation. We may ask you for documentation such as tax returns or payroll stubs. We’ll need to verify all of the information you provide. A detailed, accurate application form helps us complete this step quickly. At this point, we will also need a copy of your offer to purchase a home.

3. Appraisal and Credit Report

Next, a professional appraiser will document the value of the home that you want to purchase. Meanwhile, we will pull your credit report and scores.

4. Final Underwriting & Approval

Once we have all of the information we need, we will make final decision about approving your loan. We will let you know as soon as possible. At this point, you can choose to lock into a rate, or wait to see if rates change.

5. Closing

You and the seller will agree on a time and date to meet to close on the purchase. Most closings are done at the bank or at the title company. At the closing, you will be expected to pay the down payment and sign all the forms related to the purchase and loan. Many people choose to have their real estate agent and/or attorney present at the closing to address any last-minute questions.