At ShayMak Mortgage
Let’s not over-complicate this. Here’s a little guide for how the loan process will go without all the confusing terminology.
Getting Started
The entire loan process begins with one important step: a conversation. Mortgages are never a one-size-fits-all solution. By taking the time to review your big financial picture and goals, we can choose the best path forward with confidence.
Gather & Review Documentation
Getting a home loan unfortunately requires a lot of paperwork. We’re going to ask you for a lot of documents related to your income, assets, debt, and more. Each of these things helps us determine how much money you can realistically borrow – and payback.
Credit Report
Next, we’ll need to order a credit report, a detailed history of your debts (car loans, credit cards, etc.) that is compiled by a third party. Your loan officer can help you figure out ways to improve your score or uncover and manage inaccuracies should they appear.
Review Loan Options
You may have already heard us talk about the right loan -that’s our belief that every borrower should get the best option tailored for their needs. We’re not interested in creating assembly-line loans to ship out the door at all cost. We want to do right by every borrower and every partner who trusts us with their business.
Pre-Approval Documentation
If you’re working with a real estate agent to find a home, at this point we will give you a pre-approval letter that proves to a seller you are qualified to buy their home. This helps a lot when making offers – especially in a competitive situation.
Once Your Offer Has Been Accepted
Appraisal
After your offer is accepted, we’ll order an appraisal of the property. An independent appraiser will then assess the property’s value. This enables us to know whether the home is worth what you’re paying for it.
Underwriting
Underwriting is a fancy word for making sure your loan application fits our program guidelines. This is the moment when we review all the documentation we’ve gathered alongside third-party appraisal and title reports.
Closing
This is the part where we transfer the money to the seller. You will need to sign a lot of documents, but it’s worth it – now you’re a new homeowner!