The Mortgage Process
I’ve been writing about mortgages for the last six months but having just lived the mortgage process in selling and purchasing a home I quickly realized that all my research didn’t make me an expert by any means. What does this mean for you and your situation? Finding a mortgage banker, who you can trust and that communicates well is paramount in your emotional stability and confidence throughout the process. I’ll talk you through my experience a bit and make sure we have all the steps covered—do this with your mortgage banker too. The more informed you are the better you will feel about making such a huge purchase.
My husband and I had no intention to move even though we were in an extreme seller’s market. But I have a hobby of looking at homes for sale in my area and sometimes weird locations (currently I’m looking at North Pole, Alaska) just because I love to look at other people’s homes. So, during one of my trips through the latest Realtor.com had to offer, I discovered a house that looked like a vacation home in the mountains but was 10 minutes from our current house. It sat on almost a full acre and boasted views of the only lake in our county. It had big bedrooms and a basement which our house did not currently have AND was something we could afford. Obviously, we jumped on it and thus starts the mortgage process.
In working for a mortgage company, I think I got a little more insight than most do into the process which hopefully will benefit you. First you will give your mortgage banker your basic info for them to make sure you will prequalify for the amount you need for your home. This basic information includes your contact information, social security numbers, income amount and any big bills you are paying, like child support.
Once you are prequalified and have an accepted offer on the home you are buying, you will finalize your application with the purchase information. Now, you will also be providing documentation to your mortgage banker. For a list of items, you need check out our blog from last week. Once everything is collected (by the way, the faster you can get the items to your mortgage banker the faster your loan will close) a processor is assigned to your file and will monitor its progress. Here comes the nail biting part—the underwriter works on making sure the loan fits all the guidelines. This means that you might have to provide additional back up documents or further information. Again, the faster you get this info to them the faster they can close your loan! Once everything is buttoned up you will receive a closing disclosure, you must view this a minimum of 3 business days before you close. You meet to close on your house and then take ownership!
Within each home exists laughs, endearing moments, important discussions, and memories that last a lifetime. Allow us to help you achieve your dreams of homeownership for your family. Give us a call today (888) 914-2276.