Let's recap and talk about the journey a little more:
1. You're ready to initiate the process
Buckle in for the start of your mortgage journey! Take time to evaluate your credit, discuss options, and layout expectations for yourself.
2. Get organized and gather your necessary documents
Package up all the required supporting documents to share a clear picture of your financial history. Through organization and knowing exactly where you stand, you'll be able to complete this process easier and will be that much closer to getting the keys to your home.
3. Complete the application
Provide the information asked on the application and submit the package for processing with any additional third-party documentation requested by the underwriter.
4. Underwriting phase
The underwriter will review and request any further details to clarify your mortgage application. If necessary, you may need to submit additional documentation for a final underwrite.
5. Clear to close
You're almost there! A closing date is set with all parties involved.
Pop a bottle of your favorite bubbly. It's time to celebrate the end of your mortgage loan journey! Your new home (and mortgage) are official.
Buying a home is by no means a simple process, but understanding the steps can help prepare you for what’s to come. It’s important to have a financial team in place to guide you through this process, as this is one of the biggest purchases you will make in your lifetime.
Looking to buy a home? Here's what you need to know.
Financial advice for real people, by real people. You shouldn't need a degree to understand your money. Join Head of Education, Brittney Castro and Altruist mentors as they break down financial tips and strategies in a real way to help you finally understand how to achieve your financial goals faster.
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