THE MORTGAGE PROCESS
Being a first time home buyer can be a daunting process, especially since many steps to the home buying process are “behind-the-scenes.” You may ask, where do I begin? You may ask, where do I begin? Have no fear – in this article we break down the mortgage process and provide helpful hints to guide you along the way
Step 1 – Documentation Gathering
Driver’s License
Social Security Card
Last 2 years W2’s
Personal Tax Returns
30 Days of Pay Stubs,
2 months Bank Statements
Cancelled Check for Earnest Money Deposit
Step 2 – Loan Estimate
Preliminary Loan Estimate (LE) Disclosures via Docusign* will be sent out from or directly from the chosen Lender.
Step 3 – Docusign* 1003 (mortgage application) and Intro to Loan Processor
This will be your opportunity to review your application and advise of any errors. It will be sent from sara@myctcloans.com. She will be your main point of contact during the underwriting Process and can be reached via phone at 813-498-0606
Step 4 – Home Inspection & Selecting Home Owners Insurance
You will Select a Home Inspector & Home Owners Insurance company of your choice. I can also provide recommendations.
Step 5 – Appraisal
Cost of appraisal is defined as a Pre-Paid expense. This expense will come out of the same credit card we have on file that we used for your credit bureau report ($40). Appraisal costs range from $450-$600
“A quick tip on how to make sure you get past the underwriter: Always respond to the underwriter promptly and provide him or her with the complete information they need. “
Step 6 – Closing ” CLEAR TO CLOSE” has been issued
Closing Disclosure (CD) Docusign* will be sent to you for review 3 days prior to your loan closing. We will then schedule a time to close with the Title Company.
The home buying process can be complicated, but the good news is Riverview Mortgage can help! We will work with your lender to secure the correct paperwork and assist you with all closing processes. Get started with Riverview Mortgage by connecting with us online or calling us at 813-343-0110.
