What to Expect From the Mortgage Process

The mortgage process can be extremely quick, going from application to closing in just a few weeks, or it can be a lengthy affair that can last up to several months, if not longer. For a first-time homebuyer, the mortgage process can seem confusing and overwhelming with all of the unfamiliar terminology, paperwork, and information that it involves. Before applying for a loan, it can be helpful to know what to expect from the mortgage process.

The Mortgage Process Timeline 

While the flow of the mortgage process is generally the same, each individual mortgage experience is unique as some may require more steps than others depending on a variety of factors. If you are a first-time homebuyer, here are several steps that you can expect throughout the mortgage process, from start to finish:

  1. Initial Consultation / Obtaining a Pre-approval – Meeting with a mortgage professional is the first and most important step. This will help answer any questions about things like your credit and payment comfort level. A pre-approval letter will allow you to determine which type of home you can afford, what loans you qualify for, and how much you will be approved to borrow. 
  2. House Hunting – Once you have been pre-approved, you can begin house hunting and potentially make an offer on a home that you are interested in. If your offer is accepted you may be required to put down a deposit on the house to secure it. 
  3. Applying for a Mortgage – Your lender will have you complete a mortgage application to lock-in a loan that fits your finances.
  4. Processing Your Loan – During this step, your loan processor will ensure all of your paperwork is accurate before sending it to an underwriter. Throughout this stage, your mortgage lender will keep you informed about your loan’s status.
  5. Home Inspection and Appraisal – A home inspection will inform you about any repairs that your new home may need, while an appraiser will provide you with an estimate of the home’s value. 
  6. Underwriting – Many steps take place behind the scenes during this period as an underwriter will review your financials, credit report, and employment history to confirm you are a responsible borrower and issue a final approval. While this stage does not require much from the buyer, you may be contacted regarding any gaps in employment or status of income.
  7. Closing Day – Also called “settlement,” the closing is a happy occasion… the culmination of hard work by you, your lender, and your Realtor. You will sign several documents regarding the property you are purchasing as well as making a pledge to pay the new mortgage loan on time each month. Once completed, you will officially own your new home and the keys will be handed over to you. 

If you require professional assistance for navigating the mortgage process, look no further than the professionals at Butler Mortgage. 

Partner with a Trusted Mortgage Lender 

For over 25 years, Butler Mortgage has worked with both first-time and seasoned buyers wanting to own a home in Florida, and now Georgia. Our team of mortgage experts can help you secure a mortgage at desirable rates that fit your budget, so you can get in the home of your dreams. 

Let us help you find the right loan solution for you by calling 407-931-3800 or by filling out our free consultation form online.

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