Mortgage Made Simple

Visit with lender to discuss your loan options. They will walk you through getting prequalified by reviewing the information on your application and reviewing credit, assets, income, and expenses. If you qualify, they can prepare a pre-qualification letter. Depending on your application status, they may counsel you changes to make or additional information they need. They'll guide you in gathering needed documentation. This may include tax returns, bank statements, paystubs, identification, etc. Once prequalified- the letter is good for 90 days. After that point the lender may need to update some information to issue you another one.

Now that you have been pre-qualified you can hunt for your future home! Once you have extend an offer, have it accepted, and sign a contract—the lender can lock in your rate. Once your rate is locked in, your lender will start your full loan application.

The lender will work with you to lock the rate and provide to you a copy of the initial application. You'll also recieve initial disclosures to sign. You can also expect a list of any additional documentation you will need to provide.

Once the paperwork has been turned into your lender, they can begin processing and verifying all of the information. No home purchase process is ever the same, and they may reach out to you for additional documentation. After receiving all reports and documents, the file is submitted to the underwriter.

Once everything has been received and verified, the underwriter reviews your file to make sure all guidelines have been met. When all guidelines are met, they issue a clear to close.

When the file is cleared to close, the closer balances all final numbers with the title company. The closer issues your closing disclosure to you to approve. This happens at least 3 business days prior to closing.

This is the day you'll want to pop the champagne or grab celebratory dinner. On your closing date, you'll meet your realtor and closer at an agreed upon title company. You and any co-borrowers will sign all closing documents. You will also provide your funds for closing. This includes your down payment and closing costs. Title forwards those funds and will turn over the keys to your new home.