What to Expect During the Loan Process

Step 1: Electronic Loan Application and Document Package

  • You'll receive a secure link to E-Sign your documents, saving you valuable time.
  • A Loan Estimate is included in this package. This is an itemized list of the fees for your home loan transaction.

Step 2: Loan Approval

  • Once your loan application is reviewed, you may be asked for additional documentation.
    Return the documentation as quickly as possible.

Step 3: Appraisal

  • A licensed appraiser will need to inspect the property and determine its value. (If your loan application receives a Property Inspection Waiver, no appraisal will be needed.)
  • The appraisal cost is typically charged to you prior to the inspection.

Step 4: Closing Disclosure

  • This is the final list of fees that you will be charged for your loan.
  • You will receive this document at least three days prior to your closing.

Step 5: Verbal Verification of Employment

  • A call will be made to your employer; it's important they respond promptly.

Step 6: Final Closing

  • When your loan is fully approved, your employment has been verified, and you are ready to
  • Close to your home, we will schedule a convenient time to sign the final documentation.
Funded By Kevin | Stigler Mortgage

What To Do Before, During, and After Buying Your Home

Before

  1. Determine a down payment amount based on your available funds.
  2. Define a monthly payment amount that fits into your budget.
  3. Start gathering important income and asset documents.
  4. Get a pre-approval letter from an Independent Mortgage Professional.
  5. Consult with a real estate agent.
  6. Shop for your home.
  7. Make an offer. Consider asking for the seller's contributions to assist in paying for your closing fees and any remaining taxes for the year.

During

  1. Consider a home inspection.
  2. A home appraisal will be completed to determine the value.
  3. The property.
  4. Do a final walk-through.
  5. Sign final closing documents.

After

  1. Transfer utilities.
  2. Change your address with the United States Postal Service.
  3. Celebrate.

6 Things Not to Do When Applying for a Mortgage

When lenders review your application, they like consistency in your finances.

  1. Do not make major purchases like furniture, appliances, jewelry, vehicles, or vacations
  2. Don't change or quit your job
  3. Consult with your mortgage professional before withdrawing, depositing, or moving large amounts of money in or out of your bank account
  4. Do not pay off debts or collections (unless instructed to do so by a mortgage professional)
  5. Avoid using cash for a good-faith deposit - cash is difficult to verify and could result in a closing delay
  6. Don't have your credit report pulled too many times - this can hurt your credit score