Mortgage Process
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Mortgage Process

 

Navigating the mortgage process while purchasing a home can be daunting. Knowing the steps you need to take will help the process go more smoothly. Once you have an accepted offer, here’s how to proceed:

1. Submit Application

After finding the home you want to buy, fill out a full application at the lender’s request and supply documentation relating to your income, debts and assets.

2. Get Home Inspected

Schedule a home inspection as soon as possible so you will have enough time before your closing date to negotiate with the seller if the inspection reveals any unforeseen issues.

3. Respond to the Lender’s Requests

If your application for the mortgage is successful, you’ll receive conditional approval. At this stage, your lender may require additional documentation from you. Respond quickly to these requests to further the process.

4. Purchase Homeowners’ Insurance

Provide proof of insurance to your lender so the loan can receive final approval.

5. Stay Vigilant About the Process

A home appraisal will be ordered to compare the value of the home you’re buying to other recently sold homes in the same price range and verify the purchase price is similar. A title search will also be ordered by the lender to make sure there are no outstanding liens on the property.

6. Keep Debt to a Minimum

Don’t open new credit cards or make other major financial changes while the loan is being processed. Changes that affect your debt-to-income ratio could get in the way of your mortgage approval.

7. Lock in Rate

Lock in your interest rate no later than 10 days prior to your closing date.

8. Prepare to Close

Once the loan is approved and your inspection, appraisal and title search are complete, the lender will set a closing date and let you know exactly what you’ll need to close.

9. Arrange to Pay Down Payment and Closing Costs

Get a cashier’s check or arrange to wire money to cover the down payment and closing costs at the closing.

10. Close on the Home

Read the documents you receive at the closing and ask questions about the terms of the agreement.