CHARLOTTE – In the weeks leading up, we have spoken about different products, strategies, do’s/dont’s, etc., but it would be good to tie it all together. So, let’s talk about the actual mortgage process and what to expect! In this article I will give a step-by-step of the mortgage process:
- Pre-Approval – This is the stage in which your financial information is reviewed PRIOR to finding a home to ensure financing is possible
- Under Contract: Once you are pre-approved and have financing in place, this is where you would place and offer on a home and have it accepted!
- Processing: Processing is where the lender ties together the pre-approval (financing) with the contract (home being purchased) to make the financing specific to the terms and conditions of the agreed-upon contract.
- Underwriting: All information gathered on the home and individual is then sent to the underwriter to officially approve the tow and ensure all criteria has been met.
- Pre-Closing: Once underwriting approves the home (with the appraisal/title work) and the documents provided by the client, the closing “package” – final and exact numbers – began being finalized with all parties (insurance, attorney, lender, etc.)
- Closing: Once all numbers are finalized, a time/day will be scheduled by your realtor/attorney to come in, sign the final documents, and make the homes yours!!
In any home buying process, those 6 steps above can be very simple with the right help from a realtor and mortgage loan originator. If any help is needed with your journey, please do not hesitate to call/text/email (email@example.com / (704) 430-6138.