You found a home! There is a rush of excitement and uneasiness at the same time and you are likely wondering about the timeline and steps required to make this a done deal. Your realtor will guide you through the negotiation process on price and basic timing for possession of the home. Once your offer is accepted and you have selected a lender, the process typically wraps up start to finish in about 30-45 days.
Directions Credit Union offers this 6-step simple guide to the mortgage lending process to make it easier for first-time home buyers to stay ahead of the process like a pro.
Submit Loan Application
Submit required documentation such as pay stubs, tax documents and credit statements. Directions mortgage loan officers provide you with a specific list of what is needed.
The buyer orders the home inspection as soon as possible and should not opt to skip this step to save the expense. A few hundred dollars is worth the peace of mind. Inspectors often uncover and recommend repairs at the seller’s expense that you may not have noticed.
The mortgage lender orders a home appraisal to make sure the home you are buying is in line with your purchase offer.
The underwriter makes sure the deal is rock solid and fits all guidelines. Don’t be shocked if you are asked for additional documentation. It happens often and doesn’t necessarily indicate a problem. Respond quickly to any requests from your lender to keep the process moving forward.
The loan underwriter signs off on the loan and loan documents are ordered. Once approved, the lender will send the loan paperwork to a title company. You may be asked if you have a preference in a title company with whom you feel comfortable. If you don’t, Directions will select one. It is all coming together. This is the home stretch!
The title company will set up the final step – Closing. The Escrow officer or closing attorney has calculated the costs and credits for all parties. Bring in your cashier’s check to close the deal and sign all loan and closing documents. Assuming all conditions have been met, the title gets recorded and the keys are yours. Congratulations!
The mortgage loan process is made easy at Directions and offers the guidance that puts you on top of the process every step of the way. Contact us today to schedule an appointment at 888-508-2228 or visit directionscu.org.