Use this mortgage checklist to help gather of the documentation required for the pre-qualification and mortgage process. It is important to have this information to assure a smooth and quick approval process.

To help you plan for your upcoming mortgage needs, we’ve outlined some of the major steps involved in the home loan process.

1. Get Pre-Qualified
2. Select a Loan
3. Apply for the Loan
4. Process the Loan
5. Underwriting
6. Approval
7. Closing
 

1. Get Pre-Qualified
With a pre-qualification letter in hand, real estate agents and sellers will know that you are an able buyer and they will take your offer more seriously. Such a letter may also sway a home seller to negotiate with you as opposed to another buyer who is pre-qualified. If you are refinancing the loan on your existing home, the pre-qualification process can help you decide whether refinancing is the right option for you.
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2. Select a Loan
The selection of a mortgage program can be complicated; therefore we highly recommend that a mortgage professional help you with the decision-making process. There are a number of loan products available and the guidelines for change continually. Our mortgage consultants remain up-to-date on these programs and play a valuable role in analyzing your options and helping you make the best decision.
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3. Apply for the Loan
Completing the loan application usually occurs after you have found the property that you want to buy or have determined that you wish to refinance. We will review with you all fees, rate-lock and down payment options, followed by a Good Faith Estimate (GFE), and an initial Truth-in-Lending Disclosure (TIL). At this point, you have the option to lock-in the interest rate on your loan.
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4. Process the Loan
In order to process your loan, we will review your credit report and all pertinent financial information. After reviewing these documents, we will then order and review a title company commitment and a property appraisal.
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5. Underwriting
Next, we will compare your credit and income information and the property you want to finance against the guidelines for the loan product you are interested in. We will review the property appraisal to verify the house is in acceptable condition and that it indicates a value sufficient to justify the loan amount.
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6. Approval
Upon approval, we will provide you with a conditional commitment to fund your loan. It is conditional because we may need some additional information or action from you (sometimes called ‘closing conditions’) before your loan can close.
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7. Closing
At closing you will sign the documentation to take ownership of your new home (if you are purchasing) or to transfer your existing loan to the new lender (if you are refinancing). You will receive a ‘settlement statement’ and a title policy that insures your ownership of the property.
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