Applying for a home loan can be a stressful process that often involves tons of paperwork, time, and money. There are a lot of mortgage options to choose from as well as many documents needed to apply for a mortgage.
At Marimark Mortgage, we strive to make the home loan process simple and stress-free so that homebuyers and homeowners can focus on the best part- moving into a new home, or enjoying the extra money that comes with refinancing!
Step one: Pre-Approval
The first step in the pre-qualification process is to receive a pre-approval letter. This letter will show how much money a mortgage lender has approved to borrow based on a homeowner’s or homebuyers credit, savings, and income.
The pre-approval letter is important as it lets sellers know that homebuyer is ready and able to purchase a home and for how much.
Step two: House Shopping
At this point in the home loan process, it is a good idea to begin working with a real estate agent, begin viewing homes, and once you have found your dream home, make an offer.
Your real estate agent will be able to help you through the process and offer advice on any contingencies, such as home loan appraisals, that must be satisfied before completing the deal.
Step three: Apply for a Mortgage Loan
To apply for a mortgage loan, a few documents are needed:
- Proof of employment (Position, name of employer, phone, and address).
- Proof of income (W-2’s, Alimony, Pensions).
- Assets (Bank accounts, investments, gifted funds from relatives).
- Debts (Current mortgage, credit cards, car loans).
- Property Information (Street address, size of the property, estimated closing date).
- Financial Blemishes (Bankruptcies, foreclosures, delinquencies).
- Type of Mortgage (Fixed or adjustable, conventional, government-insured, jumbo).
- VA Certificate of Eligibility (If applicable, you will need proof of your military service).
- Loan estimate (Includes closing costs, interest rate, and monthly payments).
Step four: Loan Processing
Loan processors gather the needed documentation about the borrower and property, review the information and prepare it for the underwriter. Loan processors play a key role in getting your loan request completed.
Step five: Underwriting
The underwriter is the final decision-maker. Underwriters evaluate all the documents the loan processor prepared to see if the borrower and the property meet the requirements for the loan the borrower applied for.
Step six: Completing the Loan Application
At this point, most information needed for the home loan has been gathered in the pre-qualification process.
Homebuyers and homeowners can complete the loan application on our website or contact a loan consultant to walk through the process. If completing the application online, loan applicants will create n account, which will provide them with the ability to check on the application status at any time.
We specialize in mortgages for first-time homebuyers, conventional home mortgages, refinance loans, reverse mortgages, and FHA, VA, and USDA mortgage options. We’ve worked extensively with cash-out refinancing and help clients to lower their monthly mortgage payments.
Updated on May 5, 2021