What to Expect from the
Mortgage Loan Process

Now that you know the steps you need to take toward getting your loan, let’s get into what each one really means.

1. CONSULTATION

This is where you and your loan specialist get into the nitty-gritty surrounding what loan makes sense for you.

There are different factors you’ll have to consider, including what type of payment plan will work best for your lifestyle, if you’re a veteran, and more.

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2. APPLICATION

Once you’ve chosen the loan that works for you and your homebuying needs, you’ll be ready to apply.

Underwriters will review and validate the loan package to make sure it fits the guidelines required for your specific loan program.

3. DOCUMENTATION

In order for your lender to get a full picture of who you are and your financial status, you’ll need to give them the goods.

That includes paystubs, W2, tax returns, bank account statements, credit, and the property value of the home you’re looking to buy.

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4. PROCESSING

Now, it’s time to wait.

Your loan must be processed before you know whether or not things have gone off without a hitch.

5. CLOSING

Keep in mind the costs associated with this step, as they might vary based on your situation.

These could include lender fees and third-party fees for the appraisal and title insurance. Then get ready to sign off on those last pieces of paperwork and call that home yours.

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