Navigating the Mortgage Process

One of the most important steps to purchasing a new home is obtaining a mortgage. This is sometimes also one of the most stressful and perplexing steps. Maybe you don't know where to start? Maybe you have questions about what you can afford? Or, maybe you need more information about qualifying for a mortgage? Start here...this section provides some great information to help you through the mortgage process!

  • Get Pre-Approved While Doing Your Research
    Step 1

    Get Pre-Approved While Doing Your Research

    Although it's not necessary, a pre-approval helps you better understand your financing situation. You'll learn what you can comfortably afford, how much you'll need for a down-payment, what your credit score is, and more.

  • Apply For A Loan
    Step 2

    Apply For A Loan

    Whether you do this online, or in person, all buyers must apply for a mortgage loan within 5 days after signing an Agreement of Sale. This is a straightforward process of information gathering that should not take long to complete. Among the information you'll need to provide to your loan officer:

    • Purchase agreement for the home you are buying
    • W-2s for the last two years
    • Statements for bank, stock and retirement accounts
    • Copy of driver's license and social security card
  • Obtain Underwriting Approval
    Step 3

    Obtain Underwriting Approval

    The information you provided in your loan application will go through underwriting - the process financial institutions use to verify your eligibility to receive a loan. If everything checks out okay, approval for the loan is given.

  • Keeping Your Commitment Current
    Step 4

    Keeping Your Commitment Current

    It's important that you stay in touch with your mortgage representative. You received a great rate with your mortgage approval. Make sure you follow-up on all items necessary to keep that commitment current. The Hallmark Sales Team will also help remind you about any items you may need. Some requests may seem 'repetitive' but be assured we are working for you to help you keep that great financing package you have secured.

  • Closing Coordinator Prepares For Settlement
    Step 5

    Closing Coordinator Prepares For Settlement

    The Settlement coordinator works in conjunction with your lender and the title company to prepare the settlement statement (often referred to as a HUD).

  • Settle On Your New Home
    Step 6

    Settle On Your New Home

    At Settlement, you'll sign off on all final documents and receive the keys to your new home. Congratulations and Welcome Home!

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