The Mortgage Process
From Pre-Approval to Closing!
Budgeting
How much of a monthly mortgage payment are you comfortable paying? How much can you afford?
Your mortgage payment includes the payment of principal and interest, property taxes, insurance and in some instances: flood insurance, mortgage insurance and Condo/HOA Fees. Please, click below for a list of documents needed for the next step:
Loan Pre-Approval
Once you have gathered all the documents required for a loan pre approval, please, call us and make an appointment either in person or via zoom. We will go over your credit, income, assets and liabilities to arrive to a purchase price, monthly mortgage payment, and closing costs. Your application is submitted and if you are approved, we conclude the appointment with a pre-approval letter and DU for your Realtor. Now you are ready for house hunting!
Mortgage Processing and Underwriting
When your mortgage application was submitted, it was assigned to an Underwriter, who will underwrite your loan application for:
1. Capacity 2. Credit
3. Collateral 4. Ability to Repay
If the Underwriter requires any clarifications, they will issue conditions prior to final approval. Please, be diligent in providing your Mortgage Loan Originator or Processor with all the documents requested.
Clear to Close!
Once all the conditions are provided to the Underwriter and are cleared, the Underwriter issues a Clear to Close. That means that the loan can proceed to close. You will receive a Closing Disclosure outlining your final cash to close.
Final Walkthrough
The day before closing or right before closing, you will go to the property with your Realtor and perform a final walkthrough. This is to verify that the home is in the same condition as it was when it was under contract.
Closing Day!
