Mortgage Myth: “The home loan process is complex and confusing. I don’t know where to start with home financing or who to talk to in order to begin the process of buying a home.”
Truth: Buying a home may be the biggest investment you’ll make in your lifetime, but you shouldn’t feel intimidated by the home loan process. With an experienced mortgage banker on your side, the process is often simple and streamlined.
We’ve broken down each of the five steps to the home loan process for you:
Step 1: Team Up With a Mortgage Banker
The first and probably most important step is to talk with one of our experienced mortgage bankers at Summit Mortgage Corporation. Your home buying experience will be more streamlined when you work with the right professional team. Our mortgage bankers guide you through the home loan process and ensure that you’re well-informed throughout the entire experience.
Step 2: Application
You’ll get things started by filling out a home loan application. This can either be done online or in person at one of our local branches. Once your application is filled out, we’ll evaluate your financial details and find the most beneficial solution.
With the information you’ve provided, we get to know your unique situation and financial goals. This involves looking at various pieces of information from your financial history. After we get a clear picture of your finances, we’ll match your goals to a home loan option that’s right for you.
Step 3: Processing
Our team gathers the required information to help you obtain your specific loan. We’ll order any necessary services, such as an appraisal or preliminary title.
Step 4: Underwriting
The next step is to underwrite your loan. One of our professional underwriters will carefully go through each document you submitted and verify the information. The underwriters’ job is to make sure that all of the necessary information is included and each “i” is dotted, and every “t” is crossed. At this point, you may be required to submit more documentation depending on your specific loan requirements.
At Summit Mortgage Corporation, we want to make the home loan process simple for you. Our local mortgage bankers work by your side and set clear expectations throughout every step of your home buying journey. Give Us a Call today to get started!
To download a checklist of documents you’ll need to provide and see an example of a home loan timeline, Click Here.