What’s the Mortgage Process Actually Like?
So, you think you’re ready to buy a home? You can probably imagine how the process of choosing a home and even moving into it will go. However, do you know what to expect from the mortgage process? We’ve broken it down into some simplified steps so you can have a better idea of what to expect—before you find yourself overwhelmed sitting at a closing!
- Choose a Lender – Just say no to anything that sounds too good to be true or working with a less than reputable lender. A quality mortgage broker makes every step easier.
- Get Pre-Approved – While you don’t HAVE to do this, you’ll find buying a home is simpler and less stressful when you are already approved and know what is affordable.
- Choose Your Home – This is when you work with your agent and find that home of your dreams.
- Put in an Offer – Hopefully, your offer is accepted! If not, the search continues. This is where the pre-approval is so important. Sellers know you are serious when your offer is backed up by preapproval.
- ‘The Offer’s Accepted, Then What? – At this point, you will have some work ahead of you. Your lender and agent will collaborate to make sure everything is in order. Be prepared, you may need to provide a variety of paperwork.
- The Closing – This is the big day. If everything has gone smoothly so far, it should mean you’ll have some papers to sign (a lot of papers) and little stress. Try not to fret; it usually goes well if you are already approved! Remember, if you are paying closing costs or have a down payment to have this ready to avoid delays.
Once the closing is complete, the house is yours! The only step left is paying for it! You should have information from your lender about when your first payment is due and any other details you need to know. Congrats! You are a homeowner.