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!
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.
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:
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.
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.
The Settlement coordinator works in conjunction with your lender and the title company to prepare the settlement statement (often referred to as a HUD).
At Settlement, you'll sign off on all final documents and receive the keys to your new home. Congratulations and Welcome Home!