8 STEPS TO GETTING A MORTGAGE PRE-APPROVAL FROM PRE-APPROVAL TO CLOSING.

Dated: December 1 2019

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1. Locate a Lender that fits your financial needs.

Majority of mortgage lenders typically have several different programs that work for every homebuyer’s financial situation. Take time to research the lender that is right for you. 

2. Getting Mortgage Pre-Approval

A loan pre-approval sets you up for a smooth home buying experience. The mortgage lender will request that you gather some documents. They will pull all three-bureau credit reports that show your credit score and credit history as reported by your creditors.

3. HOUSE SHOPPING

With a pre-approval letter in hand, it now times to start your house search. Your agent will locate homes in your preferred area and within the amount of your loan pre-approval.

4. Make an Offer

When you’ve visited properties with your agent and picked out the home you want, it’s time to make an offer.  Your agent will prepare your offer and submit to the seller. Once the seller accepts, you now have an executed contract. 

5. MORTGAGE LOAN APPLICATION

Once your offer is accepted by the seller, and you now have an executed contract, it is now time to complete the mortgage loan application. Ensure that you provide all the required documents to your lender promptly. This will grantee that you have a smooth and stress-free closing. 

6. LOAN PROCESSING

Loan processors gather documentation about the borrower and property, review all information in the loan file and assemble an orderly and complete package for the underwriter.  This process will catch anything that is missing or need further clarification.

7. UNDERWRITING

This is where a deal can fall thru. Your Mortgage lender is key to ensuring that this does not take place by taking the time to review all documents for accuracy before sending to the processor. The underwriter is the key decision-maker. They carefully evaluate all the documentation prepared by the loan processor in the loan package.

8. CLOSING

The closing is the moment for which you’ve been waiting. It’s time to sign a bunch of documents and complete your purchase. Some docs seal the deal between you and the lender. Other docs seal the deal between you and the seller. 

Congratulations, you are a Homeowner! 

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Karen M. Mitchell

When working with clients, Karen makes it a priority to get to know them and connect with them to fully understand what their dreams are when it comes to finding a home. Her warmth and loyalty with he....

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