Mortgage Loan & Home Buying Process
- Initial meeting with Mortgage Broker: Virtual or In-Person Meeting
- Preapproval Process
- Complete Application
- Upload supporting financial documents
- Preapproval Letter Issued
- Engage REA (Real Estate Professional)
- Mortgage Broker can refer if asked
- First thing REA will ask is for your Preapproval Letter
- Preapproval Letter lets them know maximum affordability and price range of homes to show as well as confirming you’re a qualified buyer
- Home Search Begins
- Preapproval assures you won’t waste time searching for out-of-reach homes
- You find a desired home. REA provides you with a CMA. A Comparative Market Analysis is a report estimating a property’s current market value based upon recent home sales in the area of the home you selected. The CMA is a key component used in discussion with your REA and Mortgage Broker enabling you to make an informed decision on how much to offer for your selected home
- Home Purchase Offer Accepted!
- Provide signed Real Estate Purchase Agreement to Mortgage Broker enabling the broker to initiate full financial processing
- REA will initiate a Home Inspection and Attorney Review
- Mortgage Broker will initiate a Home Valuation Appraisal, Title work and send the loan package to Underwriting for review.
- Underwriting reviews and Issues CTC or Clear to Close, often subject to certain conditions being met
- Processor works with buyer to clear Underwriting Conditions
- Final CTC is issued
- Closing Day
- Meet with Title Agent and sign numerous documents, receive keys to the home!
- Move In!
