Todd Richardson

The first step in the mortgage process is to submit an application. The application includes information about you, your finances, and the details of your potential mortgage.

A pre-approval is a preliminary indication to determine the maximum amount you qualify for. The lender will evaluate your ability to afford a mortgage payment based on your credit score, income, assets, and debts. ( this is not a loan commitment)

Armed with your pre-approval letter, you can now begin the house-hunting process. Your real estate agent will help you find properties that match your criteria and housing budget set by you and your lender. Exciting times!

Your loan processor will prepare your file to enter underwriting. During this time, all necessary paperwork is assembled, reports are ordered, such as your title search and tax transcripts, and all information on your application is verified.

During this step, your underwriter will review your information in great detail. Note that your underwriter may come back with questions. Be sure to respond in a timely manner to ensure a smooth underwriting process.

A closing is a meeting that involves all the parties signing the final documents and legally transferring the property to you. When you are finished signing the closing documents, you will be given the keys to your new home. Congratulations!