• Prepare Your Financial Documents
• Credit Report: Obtain your credit report and score to understand your creditworthiness.
• Financial Documents: Gather your tax returns (usually for the last two years), recent pay stubs, bank statements, and proof of any other income or assets.
• Research Lenders and Mortgage Options - if you know one, make an appointment to see one, or we can recommend ones previous clients have used in the area
• Lenders: Compare offers from multiple lenders including banks, credit unions, and mortgage brokers.
• The lender will assist you in estimating how much you can afford to borrow, principal, interest, taxes, insurance and possibly private mortgage insurance (PMI) will be calculated for you
• Mortgage Types: Learn about different types of mortgages (fixed-rate, adjustable-rate, FHA, VA, USDA loans) to determine which is best for your situation.
• Get Pre-Approved for a Mortgage
• Application: Complete a mortgage application with a lender. This involves providing detailed financial information.
• Pre-Approval Letter: If approved, you will receive a pre-approval letter indicating the loan amount you qualify for. This strengthens your position as a buyer.
• At this point start working with our Realty company
• We can start showing you properties, we would just require to receive a copy of the preapproval.

Once we find the property you wish to purchase ~ and your offer is approved.

• Choose the Right Mortgage with your lender
• Interest Rates: Compare the interest rates and terms offered by different lenders.
• Loan Terms: Decide on the length of the mortgage (e.g., 15 years vs. 30 years) and the type of interest rate (fixed vs. adjustable).
• Submit a Full Mortgage Application
• Detailed Information: Submit a complete mortgage application to your chosen lender. This will include all the financial documents gathered initially.
• Loan Estimate: The lender will provide a Loan Estimate within three business days. This document outlines the terms of the loan, estimated interest rate, monthly payment, and closing costs.
• Loan Processing and Underwriting
• Processing: The lender's processing team reviews your application and documentation to ensure all information is accurate and complete.
• Underwriting: An underwriter evaluates your financial information and the property to assess the risk of the loan. They will verify your income, credit history, employment, and the property's value.
• Property Appraisal
• Appraisal: The lender orders an appraisal to determine the market value of the property. This ensures the loan amount does not exceed the property's value.
• Appraisal Report: The report is sent to the lender and you, confirming the property’s value, this information needs to be shared with our realtor to see if the property you offered on appraised.
• Loan Approval and Conditions
• Conditional Approval: Often, the loan is conditionally approved, meaning you need to meet certain conditions before final approval. These might include providing additional documentation or clarifications.
• Final Approval: Once all conditions are met, the underwriter gives final approval.
• Closing Disclosure
• Review: At least three days before closing, you will receive the Closing Disclosure. This document provides the final details about the loan terms, monthly payments, and closing costs.
• Verify: Compare this document with the initial Loan Estimate to ensure there are no unexpected changes.
• Closing the Loan
• Closing Meeting: Attend the closing meeting where you will sign all necessary documents. This typically includes the mortgage note, deed of trust, and various disclosures.  If for some reason you can't attend, it can be a remote closing, you just need to make the lender and realtor aware of your situation.
• Funds Transfer: You will pay the down payment and closing costs, either by wire transfer or cashier’s check.
• Final Steps: The lender funds the loan, and the transaction is recorded with the local government, making you the official owner of the property.
• Post-Closing
• Mortgage Payments: Begin making mortgage payments as scheduled.
• Loan Servicer: Your loan might be transferred to a loan servicer who will handle the billing and other administrative aspects of your loan.

By following these steps, you can successfully navigate the mortgage process and secure the financing needed for your home purchase.