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Everything You Need to Know About the Mortgage Application Process
Buying a house is notoriously one of life’s most stressing yet rewarding experiences. The challenging side of buying a house is usually the mortgage application process. In this blog post, we’ll break down the entire process so you can know what to expect.
The first step of the mortgage application process is to get a pre-approval. Many lenders, including Chicago Mortgage Specialist’s David Braun, offer online pre-approval. This step doesn’t take long and includes pulling your credit report, credit score, and finding a loan that will work for you. A pre-approval is better than a pre-qualification in terms of ability to get the loan.
Once you’ve been pre-approved, you’re ready to start house hunting. You can look online or find a realtor to help at this point. Once you’ve found the perfect house, it’s time to make an offer.
Once a purchase agreement has been made, you’ll need to complete your mortgage application. This step includes furnishing details such as employment, income, assets, debt, and more. During this step, your loan is indicated and a loan estimate is provided.
After all information is received, your mortgage application is processed. When you pass that step, the underwriter makes the final decision on the approval of your mortgage. The underwriter also prepares all final paperwork for closing.
Closing is the home stretch! All documents are drawn, and you receive the closing disclosure. You’ve got 3 days to review it before the final walk-through and closing meeting.
The mortgage process can be daunting for anyone, but if you’d like to see how Chicago Mortgage Specialist David Braun can help make buying a house as seamless as possible, call today for a free consultation.
As mortgage professional, I’d like to assure you that I stand by my word. If I tell you I can get you a particular loan, I WILL get you that loan. That’s the bottom line. I look forward to working with you very soon.