Does the path to homeownership feel like a long, winding road? We’re here to help. Follow these basic steps to complete your journey home.

1. PRE-QUALIFICATION

To begin the loan process you must first pre-qualify. This informal process determines the maximum amount you are eligible to borrow but it does not guarantee you a loan.  

2. PRE-APPROVAL

Not to be confused with pre-qualification. During this formal process, your Loan Originator will verify your debt, income, and credit so you know exactly how much home you can afford.

3. START SHOPPING

Once you’ve been pre-qualified and pre-approved, you can begin a more accurate search for the home that fits your budget.

4. PURCHASE & SALE AGREEMENT

Once you find the right home, you will negotiate the terms of sale, including the sale price, repair requests, move-in date, and more. Your agent will then present your offer to the sellers and you’ll continue to negotiate until all parties agree.  

5. LOAN APPLICATION

Once the seller accepts your offer, you can officially begin your mortgage application!

6. PROVIDE DOCUMENTATION

Although tedious, all of the documentation we require protects you and ensures that you’re getting the best loan possible. Paperwork of this sort may include pay stubs, tax returns, and bank statements.  

7. PROPERTY INSPECTION

Most home purchases require an inspection for things like pest infestation, water damage, and potential safety hazards.

8. APPRAISAL

This step ensures that no discrepancies exist between the sale price and the appraised value of the house.

9. TITLE SEARCH

At this point, a title company conducts a search for any liens against the property.

10. MORTGAGE INSURANCE

We require our borrowers to have mortgage insurance if your down payment is less than 20 percent of your home’s sale price.  

11. OTHER INSURANCE

Fire and hazard insurance is required on the replacement value of your home. Depending on your home’s location, you may need flood or earthquake insurance too.

12. PROCESSOR REVIEW

The Processor assigned to your loan will package all your transaction’s information and send it to the Underwriter for final review.

13. FINAL APPROVAL

The Underwriter reviews you still meet the requirements and to make the final decision on whether to approve your loan.

14. CLOSING/SIGNING

You’ll meet with an attorney and/or notary to sign the final documents and provide the necessary funding to complete the transaction.

Your journey is complete. Move in and enjoy your new home!

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