Buying a first home is a big commitment and one of the most important decisions we make in our lives. It can be exciting and daunting at the same time, especially when there’s a lack of direction or guidance. Therefore, it is important to plan ahead and educate yourself about the home buying process.

Application Process: Once You’ve Found Your Dream Home, You Are Ready To Start The Application Process!

Pre-approval: It is important to be pre-approved so that the broker and seller are aware that you are serious about purchasing a home. It enhances your bargaining position and helps you budget how much house you can afford. To begin with, we will pull your credit scores and request the following documents:

  • Previous two years’ complete tax returns
  • Previous two years’ W-2 forms
  • Two most recent pay stubs
  • Copy of purchase contract for new home
  • Previous two month’ s bank statements
  • Most recent asset verification

Processing: This part of the mortgage process involves various paperwork. Although you have already submitted all the requested documents at this time, you may also be asked to provide additional information any time during this stage, depending on your financial situation and type of home loan.

Underwriting: At this stage, the underwriter will review your application to make sure your property is in good condition and that you will be able to repay your home loan.

Closing: The seller’s attorney will coordinate with your attorney and mortgage advisor to schedule a closing. The appropriate loan documents will be sent to the title company for you to sign. Upon completion, you will receive your new house keys!