Home Loan Process | Purchase

Loan Process | 3 Phases

From start to finish, the home loan process involves 3 phases. Each is important.

• Qualification
• Underwriting
• Closing

Qualification^** Phase

Mortgage loan qualification is what starts the homebuying process. You’ll provide information on your credit, income, assets and debts so we can give you an estimate of the size of a loan you can afford.

Underwriting Phase

After securing a home to buy, borrower’s enter the underwriting phase. During this phase requests from the underwriter for updated income/asset documents may come. Your loan officer will send you an initial disclosure package for signatures during this phase. Desired and/or required home inspections and appraisals are also completed during this time. At the end of the underwriting phase your loan is approved and ready to head into the final Phase – Closing.

Closing Phase

During this final phase the finish line is in sight. The closing phase starts when your loan officer orders your final loan document package with their closing department. Ultimately, this phase ends with your loan funding.