The Home Mortgage Loan Process
Why should I get preapproved?
We recommend all buyers get pre-approved before beginning their home search. Knowing exactly how much you can comfortably spend on a home reduces the potential frustration of looking at homes beyond your means. Also, being preapproved may give you preference in a multiple offer situation. The preapproval could be the difference in your offer being accepted!
Funding your home purchase:
1. Financial pre-approval
- Application & interview
- Provide pertinent documentation, including verification of employment
- Credit report is pulled
- Loan package is submitted to underwriting for approval
3. Loan Approval
- Parties are notified of approval
- Loan documents are completed and sent to title
Things not to do after your pre-approval:
- Do not make odd deposits -- for example, birthday money
- Do not make big credit purchases
- Do not apply for any other credit
Below are some experienced, local lenders our clients have suggested:
Our handy Mortgage Calculator tool can help give you an idea of payments, etc.