4 Steps of the Mortgage Process

family of four sitting in front of sold house sign

 

In our Homeownership Education Series, we offered three videos that tackle the details of becoming a homeowner.  This post covers the third part of our series:  The Mortgage Process.

 

Make sure you visit the first two parts of our series, Homeownership Readiness and Types of Loans.

 

 number one  Pre-Approval
Going through the pre-approval process means you’ve already filled out a loan application and have been qualified for a certain amount.  The pre-approval typically lasts up to 90 days and includes the verification of income, employment, proof of assets, credit score, and personal documentation.


Read more about the
pre-approval process.

 number two  Find a Home

Finding the perfect home for your family can include researching the area you would like to live in, including access to schools, stores, proximity to work, and parks.  Are you still searching for the perfect home?  A real estate agent can assist with finding the home right for you.

 

Ask one of our mortgage loan officers for assistance.

 number three  Make an Offer

Committing to a home will mean making an offer on the property.  This tells the seller how much you’re willing to pay and how soon you’d like to move in.  Some purchase agreements may require you to commit to the home by giving earnest money. 

 

Make your offer “contingent upon a home inspection”.  This will ensure a proper home inspector has completed a checklist of items that may affect the value such as the foundation, roof, plumbing, and other main parts of the home. 

Once the home inspection has cleared, the lender will process the loan.  They will take care of the appraisal, title search, and insurance certifications.

 number four  Go to the Closing

Attend the closing to your home.  This process will typically include providing the down payment and signing the loan agreement for your mortgage.

 

American Eagle Credit Union is ready to help you get through the mortgage process.  Contact one of our mortgage loan officers at realestate@abecu.org or call 1-877-269-4179.


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