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Understanding the Mortgage Process: 6 Steps to Obtaining a Home Loan

First time home buyers holding the keys to their new home after navigating the mortgage processWhen you’re ready to buy a home, especially when it’s your very first home, the process of obtaining a mortgage or home loan can seem very complex and intimidating. In fact, many first time homebuyers have no idea where to start when it comes to initiating the home buying process.

At Maple Tree Funding, we strive to make the mortgage process easy and straightforward for first time homebuyers and everyone else who chooses to work with us when buying a home. Our team of experienced mortgage professionals can help you every step of the way as you navigate the home mortgage process.

The Six Steps of the Mortgage Process

Understanding the various steps included in the mortgage process can make buying a home and obtaining a home loan seem much less intimidating and overwhelming. Here, we’ll break down the six steps of the mortgage process you’ll experience when you work with Maple Tree Funding.

1. Get Pre-qualified

The very first step you should take when you begin seriously considering buying a home is to work with a mortgage broker like Maple Tree Funding to get pre-qualified for a mortgage. During this process, we will review your income, assets, credit score and liabilities. Once this analysis is complete, we will issue you a pre-qualification letter informing you of how much of a home loan you can qualify for.

You can learn more about the pre-qualification process here.

2. Apply for a Mortgage

After you’ve put in a property bid with a realtor and that bid has been accepted, Maple Tree Funding will research our lender partners to find the lender that’s right for you. We will gather all of your documents and signed paperwork to submit to the lender for the property you have bid on.

3. Obtain Lender Approval/Commitment

After reviewing your submitted documents and paperwork, the lender will provide us with an approval. This indicates that the lender is committed to providing the loan as long as you are able to satisfy the conditions they request.

4. Satisfy the Conditions

Upon giving approval, the lender will supply a list of conditions you must meet in order for the loan to be provided. These conditions may include an appraisal, a clean title and homeowners insurance. At this point, it is your job to make sure that you satisfy all of the established conditions in order to move forward with obtaining the mortgage.

5. Receive a ‘Clear to Close’

Once you have satisfied all of the conditions established by the lender, the bank will issue a clear to close. This indicates that the bank has reviewed all of the conditions, including the appraisal and title, and has officially agreed to finance your home loan.

6. Close the Deal

The final step in the mortgage process is closing and funding. Once the clear to close has been issued, a date, time and location will be set for the buyer and seller, along with their attorneys, to sign the documents finalizing the sale of the house. At this time, the funds are wired and the title/deed is transferred to the new homeowners.

Preparing to Buy a Home? Contact Maple Tree Funding Today!

If you’re in the market for a new home, whether it’s your first or your fifth, Maple Tree Funding can help! Our team of licensed mortgage originators is experienced in facilitating the home loan process for first time homebuyers and experienced homebuyers alike. We offer a variety of home loan options and work with a number of lenders to make sure that you find a mortgage that suits your needs and your budget.

Ready to begin the mortgage process? Contact us today at 518-782-1202 or fill out our simple online contact form to begin the pre-approval process today!

Looking for additional information about the mortgage process? Download our easy-to-follow guide to obtaining a home loan!

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