The Mortgage Application Process
Buying a home is an overwhelming process. Finding the just right house can bring a feeling of excitement as you imagine raising a family and living your life in your potential forever home. That enthusiasm can quickly turn to anxiety while contemplating and navigating the mortgage process. Knowing the steps can help the process go more smoothly and quell some of the fear behind the mortgage process.
An experienced mortgage broker and real estate attorney who communicates the steps with you can also help make the process easier.
10 Step-By-Step Guide
- You have found your home and a lender to work with and now, the mortgage process begins. During the application process, and you will be asked to supply multiple pieces of documentation(pay stubs, debts, tax returns, W2’s, assets, license, divorce agreements, bank statements, loans and charge accounts)
- A home inspection is to be ordered as soon as possible to reveal any unforeseen issues. If problems are exposed, the buyer and seller negotiate to rectify any issues.
- You may receive a pre-qualifying mortgage, but, other documentation may still be required. Respond promptly to any requests for additional documentation by sending these items as quickly as possible to keep the mortgage process moving along.
- Your lender will require proof of homeowner’s insurance before your loan is approved.
- An appraisal will be ordered to ensure the value of the home you are purchasing is on par with the purchase price you agree to pay. An appraiser will visit and compare it to other recently sold homes. The lender will also order a title search to ensure there are no outstanding liens on the property.
- It is best to refrain from opening credit cards or applying for new loans can affect your debt-to-income ratio and can affect your mortgage approval.
- It is essential to lock in your interest rate with the lender no later than ten days before your closing date.
- Once your loan is approved, and the inspection, appraisal and title search are complete, the closing is next. You will need to pay all costs with a cashier’s check. These funds cover the down payment and closing costs.
- The closing has arrived. Ensure you read all documents and all terms of the agreement. Now is the time to ask any questions.
- Congratulations!!! You can finally relax, unlock the new door to your home and celebrate your new home.
Florida National Title Services is here for you with the experience and dedication to handle your most complex transactions. We will explain the process to you order the title search, issue title insurance policies and conduct closings. We are here to make this complex process simple and easy.
Title Services Jupiter
Florida National Title has years of experience guiding Florida homebuyers through the real estate purchase and refinance experience and have helped them solve the problems that come up in the process. We will decipher the “legalese” and explain what we need and why we need it each step of the way. The blogs to follow will address specific issues to guide buyers to understand the process better and to help them avoid many of the pitfalls. Call us at (561)408-0729 or visit our website at.
Florida National Title Services, LLC
250 S. Central Blvd., Suite 101
Jupiter, Florida 33458
Phone: (561) 408-0729
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