Mortgage Process: What to Expect
Buying a home is an exciting milestone, but the mortgage process can feel overwhelming if you don’t know what to expect. Understanding the key steps can help you navigate it with confidence.
Here’s a breakdown of what to expect during the mortgage process:
Pre-Approval & Loan Application
Before you start house hunting, getting pre-approved for a mortgage gives you a clear idea of your budget and shows sellers you're a serious buyer. To get pre-approved, you'll provide Cornerstone's mortgage team with:
Once you find a home, you’ll officially apply for the mortgage, and the mortgage team will begin the underwriting process.
Loan Processing & Underwriting
During underwriting, the mortgage team verifies your financial details, assesses the risk, and ensures the home meets requirements. This includes:
- A home appraisal to confirm the property's value
- A title search to verify ownership history
- A review of your financial documents for final approval
Underwriting can take a few weeks, so staying responsive to any requests for additional information helps keep the process moving.
Closing & Finalizing the Loan
Once your loan is approved, you’ll receive a closing disclosure outlining the final loan terms and costs. At the closing meeting, you’ll:
- Sign the final loan documents
- Pay any required closing costs
- Receive the keys to your new home
After closing, you officially become a homeowner!
We Can Help
The mortgage process involves several steps, but with preparation and guidance from the mortgage experts at Cornerstone, you can navigate it smoothly.
