If you are a first-time buyer, searching for the perfect home to raise a family, we are happy to help you navigate the mortgage process. We have your best interests at heart and want your homebuying journey to be a smooth one.
You’ll need to get a pre-approval letter, which states the amount of money the lender is willing to let you borrow based on your present-day financial situation. Knowing the amount of money they can use to buy a home helps buyers look for homes within their range.
You’ll need to provide the following documents to the lender to get your pre-approval letter:
You found your dream home, made an offer, and the seller accepted your offer. Now, you need to submit a mortgage application to get approval for a loan. Your lender will help you fill out the mortgage application correctly and will include the following:
With your mortgage application submitted, your lender will give you these documents:
You’ll work with a loan processor to collect all documents you need to get your loan approved. Next, you need to hand in the written proof, stating that you’ve met every condition in it. The conditions in the loan will vary from person to person. You’ll need to submit the following documents:
Once you’ve submitted your application, the lender will transfer your application to the underwriter. The underwriter will review every document to ensure every detail is correct and that you’ve handed all the required proof to meet the conditions laid out in your mortgage application.
The underwriter is responsible for approving or denying your loan. If accepted, you’ll get another mortgage application, but this time with no restrictions. This final document will serve as proof of your mortgage loan. Lastly, you’ll get a closing disclosure, which includes all the details that are important to your mortgage loan. This includes your interest rate, monthly payment, and closing costs.
The lender will transfer the funds to you to buy the home. You’ll give a check, covering the rest of your closing costs and down payment. Once you’ve signed all the documents, the seller will hand the keys over to you.
Northwest Mortgage helps first-time homebuyers secure a mortgage loan. Use our mortgage calculator to estimate the monthly mortgage payments you need to make and then call us to help you get a mortgage pre-approval.
Mark Klein- 132598
NW Mortgage- 128113
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