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Mortgage Process

Get Prequalified

Start by finding a qualified lender you feel comfortable working with. A trusted lender will guide you through the process and help you get prequalified. Being prequalified gives you a clear understanding of your budget and the price range you can consider when searching for a home. Additionally, most real estate agents require a prequalification letter before scheduling home viewings.

Find a Home

Once you’ve found the right home, your real estate agent will help you prepare and submit a purchase offer. After your offer is accepted, you’ll work with your lender to complete and submit a full mortgage loan application.

Submit Your Loan Application for Processing and Underwriting

Your Mortgage Loan Originator will guide you through the application process and assist with submitting the necessary preliminary documents for loan processing. You’ll receive a Loan Estimate and, as required by federal regulations, you may need to confirm your intent to proceed with the lender.

Once initiated, your lender will begin processing your application and order a property appraisal from a licensed appraiser to determine the home’s value. It’s important to note that an appraisal is required for both purchase and refinance loans, whereas a home inspection—though highly recommended—is not required by the lender.

After processing, your complete loan file will be reviewed by an underwriter, who will verify that the information meets the lending program’s guidelines and that the application demonstrates creditworthiness. Loan approval decisions are made in accordance with fair lending laws and are never based on race, color, religion, sex, national origin, familial status, age, or disability.

Conditional Approval

If your loan application meets the required approval criteria, the underwriter will issue a conditional approval. This means the loan is preliminarily approved, subject to certain conditions that must be met before closing. These conditions typically involve providing additional documentation to meet program requirements or further demonstrate creditworthiness. Common examples include updated pay stubs, recent bank statements, or letters of explanation for items in your credit report.

Final Underwriting Approval

Once all requested conditions have been submitted and reviewed, the underwriter will issue a final approval. At that point, you will receive a Closing Disclosure, which details all costs associated with your loan and specifies the exact amount of funds you will need to bring to closing (or the amount you may receive in the case of a refinance). In compliance with federal regulations, the lender is required to provide this disclosure at least three business days before closing, allowing you sufficient time to review the document before the loan can be finalized.

Closing Documents

You will sign all required mortgage documents, which can feel extensive. Borrowers should never feel intimidated during this process. At closing, the borrower will also need to provide any required down payment and closing-cost funds. These funds must be in the form of certified funds or a cashier’s check, as personal checks are generally not accepted.