The first step in the mortgage process is meeting with a lender and completing a mortgage application. The mortgage lender will be looking at your personal and financial information as it relates to your mortgage application. When you contact your lender, you’ll be given a list of items to bring to the initial meeting, including the purchase agreement for your new home; personal and financial information, including income statements, asset and liability information, bank account numbers and balances; and other information pertinent to your application.
Once you have given all of the preliminary information to the loan officer, your lender will verify all of the information by ordering a credit report and appraisal and by sending inquiries to your employers, banks and current landlord or mortgage company.
Loan Underwriting and Approval
During the loan underwriting period, your lender may request further information. When all the information, forms and reports are returned to the lender, which typically takes a few weeks, your lender will contact you regarding loan approval, loan amount, pre-qualification and any contingencies to the loan.
The process of building a home can seem overwhelming, especially to first-time homebuyers. If you ever have a question about the building process, please contact us for assistance.
