Our favorite mortgage banker, Mark Daker, breaks down all you need to know about the mortgage process when buying a home. See below for his helpful insights into the mortgage process!
Buying A Home: The Mortgage Process
For many, buying a home is the largest purchase you will make, and sometimes, financing can seem elusive and confusing, so let’s break it down into the most important steps.
Step 1: Get Preapproved – Before you begin the home search, your Mortgage Banker will analyze things such as your income, debt, credit score, and assets and tell you how much home you can afford to purchase. This is also a great time to consult with your Mortgage Banker on how much you’re looking to put down, desired monthly payments, loan options, and current interest rates.
Step 2: Once you go under contract, you will decide what type of loan is best for your situation and lock in your interest rate.
Step 3: Disclosures and Documentation – During this time, your loan team will be processing your file, and you will receive disclosures to review and sign. You will also likely be providing supporting documentation such as W2s and bank statements. During this stage, the home will also be appraised to confirm the fair market value.
Step 4: Approval – Your loan will be underwritten to determine final approval, and you will receive your Closing Disclosure that breaks down the full costs of your loan.
Step 5: Closing- You will close on your home with a Closing Attorney and pay any required down payment, closings costs, and/or prepaid items at this time. Then it’s time to move in!
While there are aspects of getting a mortgage that can be confusing, a professional experienced Mortgage Banker will work to make the process as smooth as possible. It’s our job to handle the complexities and communicate effectively with you. Think of it like working with your doctor or lawyer – you are not expected to know the intricacies of their job, but they will communicate information you need to know. If you’re thinking about buying a home now or in the near future, the best thing you can do is to get pre-approved with your trusted Mortgage Banker. If I can be of any assistance, please feel free to contact me.
Mark Daker, Senior Mortgage Banker, www.markdaker.com,email@example.com,
(770) 649-4949, NMLS 35111
Loans subject to normal credit approval criteria. Additional program restrictions apply.