Talk to a lender and gather all the required documentation. Mortgage 1 makes this step easy with our new Digital Mortgageapplication process called SNAP. The lender will analyze the financial strength of the borrower to determine the price range that works best for them.
Find a good Realtor®, Start looking at homes and make an offer. Once an agreement has been reached send a copy of the agreement to the lender.
The borrower should respond promptly to all requests from the lender. Federal mandates require all types of documentation during the mortgage process. Any delay in responding to lender requests will delay the closing. Also, do not make any non-payroll deposits into any bank accounts. Mortgage 1 will order the appraisal, title work and verifications to obtain a final approval.
Secure homeowners insurance on the new home and provide a copy to the lender. The lender will provide the amount the buyer needs to bring to the closing. It is very important that the funds to close are removed from your bank account and provided with a certified check. No other form of payment is allowed.
Review the Closing documents and acknowledge their receipt with the lender in order to comply with federal mandates. Schedule the final walk through just before the closing date.
Mortgage 1 will schedule the closing date, re-run credit, re-verify employment, and verify closing documents. During the mortgage process, you should never apply for any new types of credit until after the mortgage process has concluded.
Bring photo ID for all the borrowers on the mortgage to the closing. It should take about 1 hour to get through all the required documentation.
Mortgage 1 is proud to have help thousands of families achieve the American dream of homeownership, if there is anything we can do for you please give us a call at 586-799-0000