First Time Home Buyers

PRE-APPROVAL

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This step will involve providing detailed information about your income, assets, and more. This usually includes a credit report, stubs from your paychecks, income tax returns, W-2 forms, and bank statements.

LOAN APPLICATION

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Your loan officer will work on completing your full application. You may be asked to address any issues that arise concerning your credit, income, investments, etc.

LOAN PROCESSING

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Your loan will be processed through a series of steps that usually include a title examination, appraisal of the home, and various other legal work and/or documentation that may be required.

UNDERWRITING

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This is a complex process whereby an underwriter reviews the entire loan package to ensure that all documentation is in order, all loan requirements have been met, and the loan is ready for approval.


CLOSING

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The closing is where you sign all of the final paperwork involved with the loan and receive the funds for financing your house. At this time, you will also be required to make the down payment on your loan and pay the closing costs. Following this, you’re free to move into your new home.