Overview of the Home Loan Process
Getting a mortgage can be a stressful process, especially if you’re a first-time home buyer. That’s why at Churchill Mortgage we emphasize communication. It is our mission to help you save time and money, and avoid the common pitfalls that many first-time home buyers experience when they don’t get expert advice in advance.
Here’s an easy-to-understand view of the home loan process.
Step 1: Origination
Loan origination is the process of applying for a home loan. Once you get your loan estimate (which tells you the important details about the loan you’ve requested) you’ll decide whether you want to move forward with processing or not.
- Submit an application
- Become a Certified Home Buyer or get pre-approved
- Search for a home
- Sign a contract on the home
- Get a loan estimate
Step 2: Processing
- Gather requested documents for asset and employment verifications
- Request third-party services such as the home inspections and surveys
Step 3: Underwriting
Once the processor has put together your file with all of the documentation, it is then sent over to underwriting for final approval.
- The underwriter will figure out if more information is needed
- Once all conditions are approved, the underwriter issues the “clear to close”
- Keep in mind, a lot of this can be done earlier in the process if you use up-front underwriting by becoming a Churchill Certified Home Buyer
Step 4: Closing
Once your loan is approved, your file is transferred to the closing department where your closing disclosures will be process, your closing day will be scheduled, and your loan is funded.
At the closing of your home you should:
- Bring a cashier’s check for your down payment and closing costs, if required
- Bring your identification and proof of insurance
- Review all of your final loan documents
- Sign the loan documents
If you have questions about the process of purchasing a home, let us know. We’re here to help! Or if you’d like to apply online and quickly start the process, we’ll have a Home Loan Specialist get back to you about your application status right away.