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Important Steps to Apply for a Mortgage

Buying a house can be stressful. Today, we will cover some of the information you need to know as far as applying for a mortgage goes and tips to help you in doing so!

1. Pre-Approval

The pre-approval stage of getting a mortgage typically relatively pain free. First, a loan officer will ask you some questions and get basic verification of your income & credit score.

2. Getting a Property Under Contract

After you've found a home, made an offer that both parties have agreed to, you can move to the next step in applying for a mortgage.

3. Application

If it is your first property and you do not have many loans, bank accounts, or brokerage accounts to mention in the application, it should not take too long.

4. Underwriting

The underwriting process is where the lender seeks to understand you and the property as a borrower and get comfortable giving you a loan.

5. Loan Commitment

Once the loan is underwritten and the lender has gone through their checklist of requirements for the loan to their satisfaction, they issue a loan commitment.

6. Closing

At closing, there will be a giant stack of documents to sign. The most notable documents will be the note and the mortgage.

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