The Mortgage Process, Step by Step

The Mortgage Process, Step by Step

Before you purchase a home, get acquainted with the basics of the home loan process. Follow these steps to familiarize yourself with common terms and milestones, and for a smoother overall buying experience. You’ll be glad you did!

Pre-approval: A pre-approval helps you know in advance how much home you can afford. To start, you may be asked to complete a loan application. Completing this step will also increase your negotiating power when making a purchase offer. And with our PYT- Protect Your Transaction Service, you be pre-approved with protection!

Documentation: Paperwork supporting the application must also be submitted, which includes income and asset documents.

The Hunt: Begin shopping for a house. Once you find the right one, the terms of the sale will be negotiated, including the price and potentially the terms of the loan being sought. A professional real estate agent can make this part of the process fun and less frustrating.

Inspection and Appraisal: Lenders require an appraisal and may require certain inspections on all home sales. By knowing the true value of the home, the borrower is protected from overpaying. During this time, a title examination is also performed to determine whether any liens exist on the property’s previous owners.

Loan Decision: The loan is approved or declined. A conditional loan approval may be contingent on additional documentation or actions. In some cases a counter approval may be provided with alternative loan options.

Closing: All final loan and escrow documents are signed. The lender confirms and completes the transaction with the necessary loan funds.

If you or anyone you know has questions regarding the home loan process and are buying in Arizona or California, I’m happy to help. Get in touch today.  



Karen Jones Banner with Disclosure

AmeriFirst Financial, Inc., 1550 E. McKellips Road, Suite 117, Mesa, AZ  85203 (NMLS # 145368). 1-877-276-1974. Copyright 2018. All Rights Reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates, and programs are subject to change without prior notice. All products are subject to credit and property approval. Not all products are available in all states or for all loan amounts. Other restrictions and limitations apply. Click Here for Licensing Information. The services provided by Karen Jones are not a condition, nor do they create any obligation for any form of remuneration for any real estate settlement service related to any referral.  The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Karen Jones does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Karen Jones will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.