Curious about the home loan process?
Don't worry, we make it easy! Getting a home loan might seem like a complex task, especially for first-time home buyers. Fortunately, experienced home loan officers are here to help. They’ll guide you through all of the steps along the way – from explaining various loan options you may qualify for to guiding you through the underwriting process and helping to ensure you close on time. Below are the steps your loan officer will help you through.
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Step 1 - Learn
There are many types of home loans – some you’ll qualify for and others won’t be right for you. A good loan officer will be able to answer all of your questions and will work closely with your real estate agent to coordinate finance options with your purchase goals. They will also evaluate your credit profile, financial documents, personal goals, and other factors to help ensure you find the best loan for your unique situation.
Step 2 - Get pre-approved
Although it’s not required, it’s a good idea to apply for a pre-approval before you begin shopping for a home. Having a pre-approval letter in hand, especially with housing markets as competitive as they are today, will make your home offer much stronger.
Step 3 - Apply for a loan
After you’ve found your home and your offer is accepted, it’s time to apply for your home loan. Some of the upfront paperwork will have already been completed if you did a pre-approval. Keep in mind, it's important that you don’t make any large purchases or financial changes until your loan closes. This could affect your credit score and put your loan approval at risk.
Step 4 - Underwrite
Once your loan is submitted, the process of underwriting begins. This is when your lender verifies the financial documents you provided to make sure everything is asccurate. The home you’re purchasing will need to be inspected and appraised as well. Even if you’ve been pre-approved, your loan isn’t guaranteed to be funded until it has completed underwriting.
Tip: Be sure to respond quickly if your lender requests clarification or additional documentation. Delays might impact your closing date.
Step 5 - Close on your new home!
Usually around 30 – 45 days after you submit your application, your new loan will be ready to close. Be prepared to pay closing costs (between 2% and 5% usually) and sign documents in person before the title for your new home will be transferred to your name.
Have some questions?
Check out our mortgage FAQs page to find a list of the most common mortgage questions and their answers.
If you’re interested in purchasing or refinancing a home in Spokane or accross WA, Ryan Camp can help you make it happen. Please contact us today or apply online in less than 10 minutes using the secure online application below.