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| Learn more about the Homebuying Process from the most frequently asked questions, below: |
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| The Process... |
 What does the Loan Application Process consist of? Answer
How does the Qualification Process work? Answer
Tell me about Mortgage Origination. Answer
How can I learn more about First Time Home Buyer Programs? Answer
What is the final step of Closing Your Loan? Answer |
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Q : What does the Loan Application Process consist of?
A : The loan process consists of 4 basic steps.
- Qualification Process,
- Mortgage Origination,
- First Time Home Buyer Programs, and
- Closing your Loan.
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Q : How does the Qualification Process work?
A : Qualification Process begins with these first two steps.
Apply
Your mortgage consultant will interview you and gather all the information and documents needed to qualify you for your dream home. Choose the interview method most convenient for you: phone, online application, mail, or in person. Best of all, there is no upfront application fee.
Pre-Approval
Find out how much you can borrow for your dream home. Typically, your mortgage consultant can determine your projected loan amount in a matter of minutes. Based on your income, debt, credit record and the type of financing you select, your mortgage consultant can give you a conditional loan approval (CLA). The CLA shows the maximum loan amount or a monthly payment you qualify for, as well as any other documents we may need. |
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Q : Tell me about Mortgage Origination.
A : Origination begins with home finding, then final review of documents.
Home Finding
Armed with your CLA, your real estate agent will help you select a home within your price range and show the seller you are a serious buyer. You and the seller will agree on a price and sign a purchase contract.
Final Review
Once you have a contract, your mortgage consultant will need a copy of it, along with your competed application, income documentation, preliminary title report, and appraisal for underwriting. The underwriter makes a final review of all your information and determines if any additional documents is needed. Once approved, your mortgage consultant prepares the final documentation and sends to the title company for closing. |
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Q : How can I learn more about First Time Home Buyer Programs?
A : Whether you dream of owning your first home or are looking for your next dream home, buying can be a difficult process on your own. Your personal Morgan Financial mortgage consultant will make it easier for you, guiding you through each step.
If you're a first time homeowner, we'll give you helpful tips such as understanding the potential tax advantages of owning your home versus renting, explain about mortgages and financing options, and how to use a pre-approval letter to your advantage.
Programs
There may be programs sponsored by your state or local government or other organizations. Need help with your downpayment and/or closing costs? Select the state that interests you: Homebuying programs in your state. |
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Q : What is the final step of Closing Your Loan?
A : Closing - The title company will call to set up a day and time when you can sign the papers to close on your dream home. You will sign and receive a number of papers, including a truth-in-lending statement, certificate of occupancy, title, proof of insurance, loan note, mortgage, and closing statement. The title agent will explain all the closing documents. Your mortgage will be funded and recorded within twenty-four hours after your closing. |
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