So, you’ve decided to take the plunge into homeownership. Congratulations! But where do you start? The mortgage process may seem overwhelming, especially for first-time buyers. That’s where your local Supreme Lending team comes in to help simplify the journey from pre-qualification to closing, resulting in a smooth and seamless experience. Let’s break down the nine basic steps of the mortgage process and see how Supreme Lending can help you every step of the way.
1. Get Pre-Qualified.
When buying a home, it’s crucial to know how much house you can afford. Getting pre-qualified or pre-approved for a mortgage is a great first step to becoming a homeowner. A pre-qualification will provide an estimate on what you may be able to qualify for based on information you provide such as assets, income, and credit. Your lender can even provide a pre-qualification letter, which can help show sellers that you’re a capable and serious buyer.
2. House Hunting.
Let the house hunting begin! Work with a real estate agent and view properties based on your location, style, and budget. At Supreme Lending, we understand that finding the perfect home is about more than just the numbers. That’s why we want to ensure your mortgage aligns with your dream home.
3. Make an Offer and Negotiate.
Found your dream home? Now it’s time to make an offer and negotiate a contract based on agreed upon price and terms. With Supreme Lending by your side, you can approach negotiations confidently, knowing that we’re here to support you through all the steps of the mortgage process.
4. Complete a Full Loan Application.
Once your offer is accepted, it’s time to move forward and complete the full mortgage application process by notifying your lender of your intent to proceed with the loan. Supreme Lending can then help guide you through this important step and help you gather the necessary financial documents required, such as pay stubs, tax returns, and account statements.
5. Review the Loan Estimate.
Understanding the details of your loan is essential. During this step, Supreme Lending will provide you with a comprehensive Loan Estimate (LE) document, that breaks down initial disclosures and transaction terms, such as interest rate, closing costs, and any other applicable information. Carefully take the time to review and ensure you fully understand your loan before moving forward.
6. Property and Title Evaluation.
Before finalizing the deal, it’s essential to ensure the home is in good condition and ready to be moved in to. An appraisal is ordered to determine the home’s market value, an inspection is completed to confirm that the home’s systems are up to code, and a title search is conducted to confirm a clear transfer of ownership. Finalizing these important assessments is paramount for a smooth closing.
7. Underwriting Review.
Your loan application undergoes a detailed underwriting review to ensure all lending guidelines are met. Additional conditions may be requested for final approval. With Supreme Lending’s expertise, you can trust that your application is in good hands. Our in-house underwriting team works diligently to streamline the process, keeping you informed every step of the way.
8. Clear-to-Close and Final Review.
Once your loan is approved and all conditions are met, you’re issued the three most exciting words throughout the steps of the mortgage process: Clear-to-Close! You’ll receive an official Closing Disclosure (CD) at least three days prior to your closing day to review. Once you sign off, the final documents are prepared and confirmed.
9. Closing Time.
The big day has arrived! With Supreme Lending, you can sign your closing documents with confidence, knowing that everything has been accurately reviewed and ready to transfer the funds and ownership. Finally, you receive the keys to your new home, marking the end of your journey to homeownership and the start of an exciting new chapter.
While the path to homeownership may seem daunting at first, with Supreme Lending, it becomes an exciting and rewarding experience. From pre-qualification to closing, we can provide the expertise, support, and personalized service you need to navigate the steps of the mortgage process with ease.
So, what are you waiting for? Contact your local Supreme Lending branch today to get started.