Welcome to the first step
in the Mortgage Process!
- The first step of the mortgage process is to determine how much you can afford to borrow and what type of mortgage is best suited for your needs. Here are the key steps involved in this process:
- Assess your financial situation: Before you start looking for a home, it’s important to assess your financial situation and determine how much you can afford to borrow. Consider factors such as your income, expenses, credit score, and down payment amount.
- Compare mortgage options: There are many different types of mortgages available, each with its own benefits and drawbacks. It’s important to compare your options and choose the one that best fits your needs and budget.
Mortgage Loan Process
Step:1 Documentation
Step:2 Appraisal
Step:3 Underwriting
Step:4 Conditional Approval
Step:5 Clear To Close
Step:6 Closing
Please feel free to contact us at any time if you have any questions about your loan status or next steps in the process.
Approval Pitfalls
- There are several loan approval process pitfalls that borrowers should be aware of, including:
Do:
- Do work closely with your loan officer
- Stay organized
- Provide accurate information
- Submit your documents fast and early
- Make all payments on time
Don’t:
- Change jobs during the loan process
- Make large cash deposits
- Apply for new credit
- Working less hours
- Take vacation during the loan process
- It’s important to work closely with your lender and follow their instructions carefully to avoid these loan approval process pitfalls.
Go back to see the overall
mortgage process.
Learn about the next step in the
mortgage process.
A few documents we’ll likely need to review include:
Income / Assets:
- W2’s – from the last two years
- 1040 federal tax returns – from the last two years
- Two recent pay stubs
- Two recent bank statements – all pages
- Self-Employed: K1 / 1099 / Profit and Loss YTD
Housing:
- Current and previous addresses for the previous 2 years
- Leasing: name and phone number of landlord(s)
- Investor: copy of lease agreements on rental properties
Other:
- Copy of your driver’s license or state-issued ID for all borrowers
There may also be required documents we may need to review depending on your specific scenario.
