The Loan Process
The loan process can be time-consuming!
- Choose a mortgage lender.
You may have established a relationship with a lender or your agent can provide you with a list of potential lenders. - Loan Application
Promptly gather all of the financial information requested. After you have reviewed fees, interest rates, and plans for your down payment, you will receive a Good Faith Estimate (GFE) as well as a Truth-in-Lending statement (TIL) from your lender. Obtain a "pre-approval" letter, which encourages sellers to focus their attentions on you when making an offer. - Submit your completed file to the lender for approval once you have a home under contract. The lender may ask for a lot of additional information from you, always get it to them as quickly as possible! Do not make any new large purchases prior to closing.
- Appraisal of the property will be ordered by the lender.
- Final approval
- Closing!
