10 Easy Steps to Obtaining a Home Loan in 2020
I have spent over 15 years as a home loan lender, and have seen so many situations where people get worked up about the home loan process! So today I am going to tell you 10 easy steps to obtaining a home loan.
- Complete Prequalification Application – this gives the mortgage lender all the information they need so they can start to formulate a strategy that is best for your specific situation.
- The lender will pull your credit report – this is VITLE!
- Documentation (what holds people back) – the key is that you want to get it to the lender as soon as possible and usually the documentation changes the numbers and strategy.
- Once the lender has reviewed the application, credit report, and documentation, they are going to issue you a prequalification letter.
- The fun part…TIME TO GO SHOPPING and find your perfect house!
- Once you find your house, submit an offer on the house. Once you are under contract. Now the lender will start the process to close the contract.
- As soon as the lender receives your contract, and depending on your close time frame and escrows, they are generally going to lock in the interest rate and send you your first set of “loan disclosures.” They will walk through the disclosures and process with you. Everything is on the table and clear.
- The Underwriting to Close process will begin. (We do underwrite loans prior to contract to deliver a higher level of service.)
- Closing Process – the loan is approved and your lender is moving your file into the closing. Your lender will coordinate with the realtor and the title company and you, on signing your final loan disclosures and timing of it.
- Get your loan funded – lender sends money to the title company, escrow company, and they will record the deed of trust and YOU will get the keys!
There are a lot of steps, but this is why you should be working with an experienced lending company like us at The Hunter Home Loan Team! Contact us today to start your process today!