Three Steps to Applying for a Mortgage
If you are buying a home, you may be wondering the steps to applying for a mortgage.
Knowing the steps can be very helpful.
Today we are going to share three important steps to getting a mortgage.
Let’s begin with step one, which is submitting an application.
Step One: Submitting an Application
You can complete a mortgage application online, in-person or over the phone.
Once you have submitted an application, I will contact you to ask some additional questions.
The next step is to see how much you qualify for. Which takes us to step two, Qualification.
Step Two: Qualification
If you are buying a home, we can provide a prequalification or preapproval letter so that you know how much money you can borrow so you can go out and look at homes.
We will ask you some initial questions like, how much you earn, how much you have in savings, how much do you owe on your credit cards, cars, etc. This will help them us find out what programs are available for you and how much you may qualify for.
This brings us to the next step which is submitting your documentation.
Step Three: Documentation
You will begin by sending in your documentation. This is the information we will need to qualify you for your loan. I will tell you exactly what we need and make it quite simple for you to send it to us. You may work with the Processer who will be handling your loan file. The Processer will review the documentation you have submitted to ensure that the file is complete.
The Processor’s job is to be a liaison between you, the Loan Originator and the Underwriter assigned to the loan file. The Processor looks for proper calculations to ensure the Debt-To-Income (DTI) on the loan is accurate, and orders flood certifications, mortgage payoffs, and various other documents.
Once the Processor has received all documentation necessary to support the information in a loan file, they submit the loan to the Underwriter for approval.
There certainly are several steps in the home loan process, but the great news is that our team is here to help you throughout the process.
Michael Anthony O’ Connor
President
Certified Veterans Lending Specialist
NMLS# 254139
CA DRE: 01149902
(833) 444- 3464
www.michaelanthonyoconnor.com
