Getting a mortgage can seem complicated and overwhelming, but if you break it down into a few main milestones, it’ll be easier to understand, and you’ll have goals to look forward to.
The first step is to seek out pre-qualification or pre-approval. This is an important milestone because it allows you and your real estate agent to understand exactly what you can afford as you look for your new house. On top of this, pre-qualification or pre-approval may make your offer on a home more appealing to the seller.
Once your offer on a home has been accepted, it’s time to start the application process. This will involve providing your lender with certain documents such as paystubs, bank statements, and photo ID. Luckily, we offer a simple and streamlined application process with the help of our convenient mobile app. On our app, it’s easy to upload your documentation, track your progress, and contact your Loan Originator at the tap of a button.
The next milestone is processing. During this step, your appraisal and title work is ordered, and the processor will begin examining all the documentation. They will ensure that all the information is correct and complete. Don’t forget that your Loan Originator will be there for you throughout every step to help you and answer any questions you may have along the way.
The next milestone you can keep an eye out for is underwriting. Your underwriter will review all your documents, employment information, asset information, appraisal, credit, disclosures, and anything else required to establish whether your loan meets approval guidelines.
Once the underwriter determines that your loan is eligible for approval, you will hit the exciting milestone known as approval. At this point, you’re ready for closing!
Closing: now you’re in the home stretch! At least three days before closing, expect to receive your closing disclosure which outlines your closing costs, loan terms, and the amount of cash you’ll need to bring that day. Next, on the date and at the location pre-established, you will sign all the necessary documents, the house will be yours, and it’s time to celebrate!
We hope this cleared up the process, but if you’re still feeling overwhelmed – don’t worry! We are here to help. We have invested in all the latest technology to make getting a mortgage as simple as possible. Plus, we provide stellar customer service every step of the way so you don’t have to feel lost or confused as you work toward financing your dream home. Contact us today to find out more!
McGlone Mortgage Group offers exceptional customer service and a convenient mortgage process. Whatever your financing needs, our goal is to exceed your expectations.