Step-by-Step Guide Through the Mortgage Process

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Step-by-Step Guide Through the Mortgage Process

Posted by HomeHunt on March 29, 2021

What is Involved in the Mortgage Process?

Buying a home is exciting and a journey that requires certain steps to complete. Our team at HomeHunt understands how thrilling this journey can be as well as how stressful things can get. Knowing the steps you need to take to secure a home mortgage will help this process go as smoothly as possible. Here are the 8 steps to the mortgage process: 

1. Submit Your Application to Start the Mortgage Process

Once you have found a home that you want to buy and a specific lender to work with, you and your lender will fill out a mortgage application. This application will require certain documentation relating to your personal information and finances. You should be prepared to share the following information:

  • Income and employment history
  • Tax returns
  • Marital status
  • List of dependents
  • Assets and investments
  • Property address
  • Social security number to check your credit

2. Home Appraisal 

Your lender will likely request a home appraisal before transferring your loan to underwriting. The lender does this to protect the investment that they are making. An appraisal will determine the property’s market value based on current real estate conditions. If the value is less than the loan amount, the lender can make adjustments to your loan without losing money. 

3. Home Inspection 

After you fill out an application, schedule a home inspection as soon as possible. The sooner you have your inspection complete, the more time you have to fix the problems that the inspector uncovered.

4. Homeowner’s Insurance 

A standard homeowner’s insurance policy insures your home’s structure and your belongings in the event of a destructive event, such as a fire. Your lender will require proof of insurance before your home loan can be fully approved.

5. Communicate Throughout the Mortgage Process 

Keep in contact with your lender and buyer’s agent. They are your go-to people for information regarding your loan and your new home. Your lender will order a home appraisal to ensure that the home you are buying is comparable to the purchase price. You will need to communicate with your lender to understand the outcome of the appraisal. There are many things happening behind the scenes that you will want to be informed of.

6. Avoid New Debt 

While your loan is processing, avoid opening any new credit cards or making large purchases. New debt can affect your debt-to-income ratio and cause interruption with your mortgage approval.

7. Pay Your Down Payment 

One of the final steps to finishing your loan is paying the down payment. You will need to secure a cashier’s check or arrange to wire money to cover your down payment and any other closing costs.

8. Close On Your Home 

The final step, close on your new home! At your loan closing, be sure to read over all documents and ask any last-minute questions you may have. After you have signed the final paperwork, the keys in your hand will never feel more exciting!

The team at HomeHunt is excited to welcome you to your new home! We can help streamline your mortgage process and walk you through this journey. Contact us today with questions!

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