We will make it easy for you by helping you understand the entire home loan process, starting from the beginning!
Whether you’re buying your first home or you have bought a number of times, going through the home loan process is an experience. The St. Louis metro area is loaded with magnificent homes, excellent school districts, sporting events, beautiful parks and unique dining experiences. There are many opportunities to purchase excellent homes at a great value.
At Sean Z Mortgage, we want to help make your home buying experience positive! We will make it easy for you by helping you understand the entire process, starting from the beginning.
The Home Loan Process
There are basically 6 steps to the home loan process. They are:
- Prequalification
- Applying for Your Loan
- Processing Your Loan
- Appraising Your Home
- Underwriting
- Closing
The prequalification helps you determine how much of a loan you can afford. This generally takes less than 5 minutes.
Applying for your loan is easy too. You can make an appointment with us to do this in person, or we can do this over the phone. It usually takes less than 15 minutes to complete.
Processing your loan may be better described as verifying your information. You will typically need 3 items: your last 2 pay check stubs, your last 2 W-2 forms, and your last 2 checking or saving account statements. While this information is being gathered, your credit report will be ordered and the appraisal on the property.
Appraising your home will initially take about 15 minutes to explore the property that is to be financed. Then, the appraiser will take time to research comparable homes in the area that have sold within the last 6 months.
After these steps your loan is sent to underwriting. An underwriter will determine if the loan is approved or rejected. If the loan is not initially approved, then if possible, a counter offer is made.
Finally, the closing. This term speaks for itself!
The TBD Mortgage Process
Many buyers think that they need to first find a house to buy before getting the paperwork done. However, 95% of what we do has nothing to do with the house. The first step is to fill out the application and provide a number of disclosures. Then we can submit everything to underwriting. Once this is done, you have 6 months before you would have to have a home under contract.
This entire process can begin online. The TBD Mortgage Approval Program can give you the confidence of a cash buyer while buying a house in St. Louis.
Contact the St. Louis Mortgage Experts!
Not only will we help make your home buying experience a good one, but we will take the time to match you with the best mortgage loan product available. Our mortgage underwriters will examine your credit history, employment history, debt ratios, down payment amount, reserves and any other necessary documentation to get you approved for financing while your house is still “To Be Determined.”
Call us today at (314) 361-9979 or apply online.