Getting A Home Loan

Get Pre-Qualified

Pre-Qualification is an easy way to get an idea of how much of a mortgage you will qualify for.  Generally, this step can be completed over the phone by providing basic income, debt and assets and a credit check will not be required.  Keep in mind this is only an estimate as the lender has not performed an extensive evaluation of your financial documents and credit.

Get Pre-Approved

Pre-Approval is a more involved process and will require some paperwork on your part.  You will need to submit a loan application and documentation which shows your income, debt, and assets.  The lender will then perform a credit check and evaluate your documentation.

*It’s important that you complete the pre-approval process before submitting an offer on a home, as this shows the seller you are submitting a serious offer and allows the loan process to move along faster.

How Much Down Payment?

You will want to determine how much of a down payment you will want to use on the purchase of your home.  Your lender will discuss this during the pre-qualification process and can provide options for a low-down payment.

*Talk with your lender before accepting a down payment gift, as there are documentation requirements and restrictions on who they can be from.

Lock in Your Mortgage Rate

Mortgage loan rates are always changing.  To reserve an interest rate for a set timeframe you can lock in your mortgage rate.

Mortgage Processing and Appraisal

The lender will collect the necessary documentation to process your loan.  Also, during this time the home will be appraised to determine the value based on the sales price of similar homes.

Loan Approval

Your documentation will be reviewed by the lender to make a decision.  They may ask for additional documentation during this process.  It is important that you get any documentation back to them as quickly as possible to keep the processing moving forward.

Closing Disclosure

At least three days before closing you will receive a 5-page Closing Disclosure which outlines your payment, terms, and fees of your loan.  The Closing Disclosure gives you time to review the final terms and ask any questions.  If you do not receive the Closing Disclosure three calendar days before closing your closing date will need to be extended.

Closing

The title company will coordinate a time for you and seller to sign the closing documents.  After all, funds have been received, and documents verified ownership will be transferred to you.

Matt is Here to Help

This may seem like a complicated process, but Matt is here to guide you every step of the way.

Do you have questions about the home loan process?

Would you like to speak with one of my lending partners?

Call 720.235.5001 to learn more