Applying for a Mortgage: Where to Start

The time has come for you to cross a crucial threshold in life and become a homeowner! This phase is both exciting and nerve-wracking, but Quontic’s experienced loan officers are here to help guide you through the mortgage process.

Don’t know where to start? The typical mortgage process goes as follows: 

Step 1: Pre-qualification

Pre-qualification can help borrowers like yourself become better acquainted with the types of mortgages that are the best fit for you. You won’t need to procure any documentation for this step. However, you will have to disclose your desired loan amount, your income, and your savings for analysis.

Step 2: Find Your Dream Home and Sign for It

Next, you’ll want to look for your dream home and make it come true. Working with a real estate agent is recommended as this partnership will help you save time and will keep you in line with your budget. 

Once you’ve found your dream home, you can work with your real estate agent to sign your contract and prepare your downpayment.

Step 3: Begin the Application Process

Now that you’ve signed your contract, you’ll have to provide all of the required documents needed to sign your mortgage application. 

Shortly after your application is submitted and processed, your appraisal will be ordered. 

During this time, you’ll receive a welcome email that will include all verifications needed for credit, employment history, and other assets.

Step 4: Appraisal and Underwriting

At this stage, your appraisal report will be received and reviewed, and you will also receive notifications of any conditions pending your loan approval.

The loan processor will then submit the file to the underwriting department for final review.  After review, a commitment letter is sent to you and your attorney. Once you’ve reviewed the commitment, your attorney submits the title report to the bank for final review and clearance.

Step 5: Clear to Close

Finally, you and your attorney receive notification that your loan is clear to close! You may now submit all closing conditionals for final clearance while your attorney works with the bank to schedule an official closing date.

During the final walk-through, you’ll be allowed to view the property one last time before signing the closing documents with the bank attorney.  Once all of the documents are signed, you can contact your utility companies and get ready for the big move! 

The mortgage process is seamless when guided by an expert loan officer, like those on our team at Quontic. Check out our mortgage application checklist for other information you might need to know when buying a home.

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