From loan application to closing, read below for what you can expect and what will be expected of you during the mortgage process.
STEP 1. Meet with your Mortgage Professional (me) and apply for a mortgage.
STEP 2. You’re preapproved! Before writing an offer, be sure to ask your Mortgage Professional (me) how long they need to close the loan. It usually takes 30-45 days from application to closing day.
STEP 3. You with the help of your Real Estate Agent (me) find the home of your dreams & write an offer on it. See How to Write an Offer on a House.
STEP 4. Your offer is accepted . . . Congratulations!
STEP 5. Order your home inspection & any other inspections you choose. See What to Inspect When you’re Inspecting.
Locking in your interest rate means you’re guaranteed that rate, so do it as early as possible to avoid surprises.
STEP 6.. Lock in your interest rate with your Mortgage Professional (me).
STEP 7. Home inspection completed. Time for your Agent to help you through negotiating repairs. See Negotiating Home Repairs.
STEP 8. The Lender orders the appraisal. See All About Home Appraisals.
STEP 9. Time to order Homeowner’s Insurance from your insurance agent. Also called “Hazard Insurance” or “Fire Insurance and/or Flood Insurance”
To be sure everyone stays on track, contact your Mortgage Professional (me) every 3-4 days during the mortgage process to see if anything is needed from you.
STEP 10. The appraiser visits the home to estimate it’s value. (if applicable)
STEP 11. Appraisal is completed.
STEP 12. Mortgage Professional (me) requests any final paperwork from you. See Final Closing Steps.
STEP 13. Final loan review. The appraisal, (if applicable) income, & asset documentation is reviewed by loan underwriter.
If your down payment is in investment accounts, it can take up to 10 days to get it out, so plan ahead.
STEP 14. Final loan approval. Loan underwriter signs off on the loan and loan documents are ordered.
STEP 15. Escrow officer or closing attorney calculates the costs & credits for all parties.
STEP 16. Signing day. Bring in your cashier’s check to close the deal & sign all loan & closing documents.
STEP 17. Congratulations, you’re a homeowner! The loan closes & the home is transferred into your name.