Breaking It Down: The Mortgage Process
Buying a home is an epic event. Stressful - no doubt; but at the end you are rewarded with home ownership, and that's how you start building wealth for you and yours. It's worth it.
We're breaking down the mortgage process for you here in simple, easy to understand steps:
Pre-Approval
Contact your bank or lender to let them know you're looking for a new home and want to get pre-approved.
Timeline: 1-3 days
Browse Homes and Make an Offer
Explore homes online and in-person (the fun part) and submit an offer when ready.
Timeline: Anywhere from a few weeks to a few months - it’s competitive these days!
Finalize Loan Application
Wrap up your loan app and submit all relevant documents.
Timeline: 1 week
Process Loan
Your lender starts processing your loan and packaging up your file.
Timeline: 5-15 days
Underwriting
This is when your financials are evaluated for risk. In other words, they check your financials to make sure you’re going to make your payments (the stressful part).
Timeline: Anywhere from 10 days to 2 months
Pre-Closing
You're almost there - line up homeowners insurance, get your home inspection, and finish up in preparation to close.
Timeline: 1 week
Closing Time
The buyers and sellers meet with an attorney to finalize all the paperwork. Get ready to sign your name many, many times...then, poof! Best. Day. Ever.
Timeline: 3-5 days
Sign up to learn more and start your path towards homeownership at www.MyHomePathway.com. Download our Guide to the Mortgage Process here.