Mortgage Application

Once you choose the house you’d like to buy, you’ll complete a formal application. When you receive the official application from your loan officer, you’ll also receive a Loan Estimate form (LE). This form clearly outlines all the loan information including the estimated cash to close. You’ll sign the official application form and return it within 10 days with the requested documentation, such as pay stubs, tax returns and proof of assets.

Appraisal

During this time, the appraisal we ordered on your behalf will be completed. The appraiser will contact the seller directly to schedule an appointment to view the house and will look at the selling price of similar homes in the area to determine fair market value.

Commitment Letter

When your loan is approved, you will receive a commitment letter. At this stage you will be required to buy an insurance policy on your new home. You will need to purchase this policy prior to closing on the loan. Proof of this purchase is called an “insurance binder.”

Closing

On the day before the closing we’ll tell you the exact amount you’ll need for your closing costs. You’ll need to bring the full amount in the form of a bank or credit union check. Make sure to schedule a final walk-through of the home with your Realtor on the morning of your closing. This is an important opportunity for one final look at the house before you take ownership. At the closing you will have the opportunity to ask your attorney any last questions you have about your mortgage.


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