Understanding the Mortgage Process: A Step-By-Step Guide to Obtaining a Mortgage
When 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.
Want more details? 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.
Ready to get started with the application process? Hoping to purchase a home in New York State? If so, you can get started with applying for a mortgage through Maple Tree Funding today right here!
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.
Curious about what you’ll be signing at the closing table? It’s good to be familiar with the paperwork you’ll be faced with on closing day. Check our guide to the typical documents you’ll review and sign at a house closing here.
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.
Looking for additional information about the mortgage process? These resources are a great place to start:
Downloadable Guide to Obtaining a Home Loan – Our quick one-page, printable guide to the six steps outlined above.
Frequently Asked Questions About Home Buying – Have additional questions about the home buying process or mortgages in general? Find answers to many of the common questions we’re asked about purchasing a home!
Preparing to Apply for a Mortgage – Wondering how to best prepare to tackle the mortgage process successfully? Gathering the list of documents included on this extensive list is a good place to start.
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!