The Home Loan Process
The home loan process can be overwhelming, but we can help by guiding you step by step through the whole process. One of the first steps to buying your next home is to speak with a mortgage specialist. If you are not currently working with one, we can connect you with some of the best lenders in New England.
Get Pre-Approved
Being “pre-approved” means you’ve actually gone through the process of being approved by a lender for a specific loan amount. To get pre-approved, you will need to provide documented financial information like pay stubs, w2 documents, and bank statements, and a credit report will be run. This information is reviewed by the lender. Once the lender completes his/her analysis, you will receive a letter that states an “approved” loan amount for which you currently qualify. The benefits to having this letter is to give you negotiation power, and it allows for you to close faster.
What Happens Next?!
Once your have found the home you love and your offer has been accepted, your lender will assist you in completed the full mortgage application. They will talk you through the down payment options, closing costs and various fees. Your applications will be submitted to processing where all documents are reviewed and appraisals and title inspections are ordered. The application is then sent to underwriting, where it’s reviewed and given final approval.
Escrow and Closing
You’ve made it through the application process, and have a closing date. Don’t forget to set up homeowners insurance. At your mortgage closing, you meet with various legal representatives to sign your mortgage and other documents, make any required payments and receive the keys to your new property. Congratulations!!