The 5 Steps to Getting a Mortgage

For first time buyers in the Davis market,  the process of obtaining a mortgage can seem daunting.  By understanding the process, you can increase your confidence about  a mortgage loan.

Below is a quick summary of the 5 Steps to Getting a Mortgage: 


Before you begin shopping for a home, you will want to know if you can qualify for a mortgage and if so how much you can afford to spend on a house.  If you have a pre-approval, you have a guarantee that the lender will lend you a certain amount if you buy within a certain time period.   Submitting a pre-approval with an offer for a home increases your odds of your offer being accepted.


 Loan Application

After you have a signed purchase contract, you apply for the loan by completing a standard mortgage loan application.  This form will have questions about your income, assets, debts and credit as well as the property you wish to purchase. 

Loan Processing

Once the application is completed, it is assigned to a loan processor.  The processor will order your credit report and an appraisal of the property you want to buy.  The loan processor also verifies your employment, rent and bank account balances. 

Underwriting Your Loan

The "underwriter" is responsible for determining whether the package prepared by the processor meets all the lenders criteria. At this time, you may be asked for additional information from the underwriter.  It is important to provide this additional information so the loan approval process is not delayed.  After all conditions are cleared,  the loan is approved.



Closing is when the "funds" are transferred compete the purchase.  The closing is the day the deal is completed. 


By helping you understand the five steps to getting a mortgage, we hope to make the process easier and less stressful than it otherwise might be. If you have any questions about the process or are ready to get pre-qualified, call today and let us help you get into your next home.