The Loan Process

Are you ready to buy a new home? Here are some helpful homebuyer tools.

Buying a home is more than just a financial investment, it’s an emotional investment as well. We understand that the home financing process can feel overwhelming at first and that’s why we’re there for you every step of the way.

Pre-Application: Your MTH Lending consultant will help you through the pre-approval process which takes into account your personal information, income, assets, debts and credit history. You can request a pre-approval letter which tells you approximately how much home you can afford. This letter is also important to the seller, who will see that you are a serious buyer.

Application: Once you’ve chosen the home you want to buy, it’s time to select your type of mortgage. We can help you understand the options so you can select what will work best for you. We may also ask you for some additional details about you and your future home so we can determine what documents you may need to provide. Remember, at some time between now and just prior to closing, you will need to lock your interest rate.

Processing: Based on what type of loan you selected, we would have provided you with a list of the documents needed for your loan. Once they’ve been provided, they are basically reviewed (underwritten) to verify that they support the information you previously provided. At this time, an appraisal of the property will also be ordered. The appraiser will evaluate the house and determine its value. Title work is done during this period too to verify that there are no liens or other concerns about the property.

Pre-Closing: At this point, evidence of homeowners insurance and any other documents required by the underwriter should have already been provided. Both you and the seller would have scheduled a final closing date, and you will be provided with a settlement statement for your review at least 24 hours prior to closing. At that time, you will know the exact amount of money you will need to bring to closing. Remember that the funds needed for closing must be provided in the form of a certified check.

Closing: You’ve made it! At closing, you will provide personal identification, sign the necessary paperwork to transfer the ownership of the property, sign the mortgage documents, exchange funds and take the key to your new home!