How the mortgage process worksMortgage Basics
Let’s take a look at how the mortgage process works once and for all. Here’s a short reminder.
- First step you need to do is to get preapproved.
- After a preapproval, you can look for properties and we will make different offers. And when offer is accepted — the escrow can be opened.
- After that appraisal will be done and somebody will come into the property and actually verify the value and condition of it.
- Well, finally everything is done. All the conditions are satisfied by the bank. After that they will issue a clear to close.
- After the file you sign, the documents file goes back to the lender to verify and they will fund the loan.
After funding, basically you’re getting keys to your own new home. Win-win!
We’ll help you out through the whole process.