Mortgage Process


Getting a home is a large step in life. Not everyone knows the process but it is a little more complicated then just going to a store and purchasing something. You want to make sure you do your research and know the process before you get started.


First - Before you start house shopping you have to know what you can afford. You can use the mortgage calculators but often times those can be deceiving because it may show you can afford something a little more then what you really can. Pre-qualification looks at all your debt and credit score and shows what you can really afford.
Second - Find a realtor and start looking for houses. There are plenty of houses out there so be sure to look around and not get stuck on your first one. Others could open your eyes and show you something more luxurious or show you something that may fit you better. Before you buy a house make sure you have it checked out so you don't find any unexpected expenses expenses required to make it safe for your family.
Third - Processing and Underwriting.
Fourth - Conditional approval
Fifth - Final underwriting approval
Sixth - Closing documents. This includes the appraisal, insurance policy, survey of the property, and title. Closing costs can be shared by both the buyer and the seller or paid by one party, depending on the terms of the contract. These costs usually include attorney fees, a survey fee, title clearing, recording the deed and mortgage, tax proration, clearing of termite bond, property appraisal, and fees charged by the mortgage company to process the loan.
Seventh - Move in