Mortgages Safe Secure and Simple

Every loan is unique, but most general loans follow the same steps from the time you decide to look for a home, to the time you get the keys to your house. The following is a general overview of what to expect.

Get Pre-Approved! - Before you speak with a real estate agent, you must contact a mortgage consultant for a pre-approval letter that qualifies you for a mortgage amount.

Go Find a House! - The pre-approval letter will be used when you place a bid on a house.

Complete the Mortgage Application - While some choose to complete an application before even finding a home, other choose to start the application after they have found a house. You can complete an application online or you can choose to meet with a mortgage consultant to take the application face-to-face.

Appraisal - Now that you have found a house, and have updated and completed your application, we will order an appraisal to check the value of the property. Generally this step takes 6-10 days.

Get a Commitment! - After an underwriter reviews the loan, he/she will issue a commitment and require you to satisfy a few conditions if necessary. For example, an underwriter may ask to review a current pay stub, W-2 form, bank statement, or other documents necessary for your loan.

Closing! - Once all the conditions are satisfied, we work with the attorneys, sellers, and you the buyer to set up a closing date. On that day we all meet to review the paperwork and finalize the mortgage. Most importantly, you get the keys to your new home!

From start to finish, a mortgage typically takes 15-30 days to complete. There are also additional steps that are taken by various third parties involved in the transaction, such as ordering title work. Most often it is the processing and verifying of documentation that takes the longest. To reduce this time frame, try to have the following information available as seen in our pre-loan application here