Mortgage Loan Process
Discovery
Application
Credit Inquiry
Document Collection
Processing
Closing
Funding
Recording
You've embarked on the exciting journey of exploring homes and engaging with real estate professionals. As you delve into this process, the realization dawns that you need a mortgage loan to turn your homeownership dreams into reality.
Initiate the mortgage loan process by completing an application. This can be done conveniently online, in person, or through a phone interview. This step involves a thorough review of the process, addressing your questions, and an initial qualification assessment.
To determine the best route for your mortgage, a credit inquiry is conducted. This may start with a soft credit inquiry for an initial assessment or a full credit inquiry for a more comprehensive analysis.
Prepare for the next phase by gathering essential documents. Ensure you have your ID, social security card, two recent paystubs, two years of tax returns, and two months' worth of bank statements ready for submission.
Your submitted documents and the information from the application undergo a meticulous review and verification process led by a dedicated processor.
As you approach the culmination of the process, you'll wire your funds and sign the necessary loan documents. This is a significant milestone, marking the imminent realization of your homeownership aspirations.
Following the closing, the lender will send you a wire for their portion of the closing funds, solidifying the financial aspect of the transaction.
Once all funds are received, and all documents are signed, the transaction is recorded with the county. Congratulations, you are now officially a homeowner, and your homeownership journey has reached its successful conclusion!