Getting a home can sometimes seem overwhelming. But understanding the process can make the process feel less daunting. Here's a brief overview of what to expect, one step at a time. Throughout the process, our staff at Mortgage Source PA will guide and support you.
1. Initial Consultation
One of our Originators will help find the financing solution that's right for you. We'll take into account your target monthly payments given your unique credit, employment history, income, debt and goals. Mortgage Source PA will further help you through different scenarios by asking a few simple questions. Based on standard lender guidelines, we'll provide you with an idea of what terms and loan program you can expect to benefit most from given your unique situation.
2. Pre-Approval For Your Loan
You will have a stronger offer and may save money by obtaining a pre-approval for your loan. We will gather information from you about employment, assets, and residence history among others. We will also obtain permission to run your credit. Once we review all of this information and determine if you meet mortgage eligibility requirements, we will provide you with a pre-approval letter. Your realty agent will use this letter to help strengthen your offer. The pre-approval letter provides the seller confidence in your offer because it is a higher threshold than a pre-qualification.
3. Apply For Your Loan
Once you make an offer and it's accepted, it's time to complete the loan application and supply any missing documentation. With us as the liaison, the lender will review the application and documents and provide a decision.
4. Appraisal and Title Work is performed
For your protection, as well as the lender's, it is required to have an appraisal and title search performed on the property to ensure it is valued appropriately and it is free and clear of liens.
5. Your Loan Is Funded
We'll coordinate with your title company or attorney to make sure all the papers for the lender are in order. On the closing day, you will sign after carefully reviewing the loan documents.