The Financing Process
Demystifying Home Loans
The home mortgage process can feel overwhelming
If you haven’t experienced it before, the home mortgage process can feel overwhelming, but I will help you stay informed throughout the process, from pre-approval to closing. The first thing to do is consult with a mortgage specialist (or two). If you don’t already have someone in mind, I partner with some of the best specialists in the industry and I’d be happy to introduce you, so you’ll be taken care of.
Step One:
Get pre-approval
Before you start looking for a home to buy, it’s a good idea to meet with your mortgage broker to get pre-approved for a mortgage amount. At this stage, the mortgage specialist gathers information about income, assets and debts of the borrower (you) to determine how much house you may be able to afford. This includes a credit report, pay stubs, T-4's and recent bank statements. There are a variety of different mortgage programs, so make sure to get pre-qualification for the specific programs that best suit your needs.
Estimate Your Monthly Payment
Estimate your mortgage payment, including the principal and interest, taxes, insurance, HOA, and Private Mortgage Insurance.
Price
Annual Tax
Loan Term (Years)
Down Payment %
Interest Rate %
Monthly HOA
Monthly Insurance
$3,198.20
Estimated Monthly Payment
Principal
$2,398.20
(75.0%)Taxes
$500.00
(15.6%)HOA
$100.00
(3.1%)Insurance
$200.00
(6.3%)Step Two:
Find the best loan
I’ll help you find the best local mortgage broker to get you competitive rates and the programs that best fit your individual needs. Fill out this form and I’ll connect you with a specialist today!
Step Three:
Application and Processing
When you find property you’re ready to buy, your mortgage specialist will help you complete a full mortgage application, and talk you through the various fees and down payment options.
The application is submitted to processing, where the documents are reviewed and appraisals and title examinations are ordered.
Then the mortgage is sent to an underwriter, who reviews and approves the entire mortgage if it meets compliance.
Step Four:
Closing
Don’t be surprised if you’re asked for additional documentation or clarification throughout the process. Once your mortgage is approved, don’t forget to set up homeowners insurance. Your documents will be sent to the lawyer, where you’ll sign for the new home and pay any remaining costs. Then the mortgage is recorded and you get the keys. Congratulations, happy homeowner!
