1. Define your Needs
The mortgage process really begins with you. It is important for you to spend some time looking at the big picture and examining your financial situation. Ask yourself the following questions:

1. How much money would I like to invest for the down payment?
2. What is a comfortable monthly payment for me and my family?
3. How long do I plan on living in my new home?

2. Fill out a loan application
There are two convenient ways for you to start the loan application process. You can either fill out an on-line application or you can meet with a loan officer in person who can guide you through the application process. Either way, you’ll want to be sure to have the following information easily accessible:

• Social security number
• Two year residency history
• Gross monthly earnings
• Two year employment history including addresses and phone numbers
• Bank and 401K statements

3. Credit Report
Your loan officer will run a credit report which is a record of your credit activities. It lists any credit-card accounts or loans you may have, the balances, and how regularly you make your payments. It also shows if any action has been taken against you because of unpaid bills.

4. Pre-Approval
Once your application is complete and your credit report is obtained, our preferred lender will issue you a certified pre-approval which guarantees your financing for the stated amount.

5. Loan Commitment
After an underwriter completes the review of your file, our preferred lender will issue a formal loan commitment. This usually occurs approximately 10 to 20 days from time of pre-approval. The loan commitment will include the explicit terms under which our preferred lender agrees to lend you money over a certain period of time.

6. Appraisal
Approximately two to three weeks prior to closing, an appraisal will be conducted on your new home to determine the property’s value. An appraisal is conducted by a professional appraiser who visits the home and makes an educated “opinion of value” based on comparisons of similar homes in your area.

7. Closing
At the closing, your mortgage is activated, the ownership to your property is transferred, and you are given the keys to your new home. There is a lot of paperwork to review and sign, but a professional closing agent will carefully review every form with you.