Mortgage Process Checklist: Prequalification to Closing

Prequalification: Meet with a lender or mortgage broker to determine how much you can afford to borrow and get prequalified for a loan.

Choose a lender: Research and compare lenders to find the best fit for your needs, and choose a lender to work with.

Submit an application: Submit a mortgage application to your chosen lender, along with any necessary documentation.

Get preapproved: After reviewing your application and documentation, the lender will provide a preapproval letter, which shows how much you can borrow and helps you stand out to sellers as a serious buyer.

Find a home: Work with a real estate agent to find a home that meets your needs and budget.

Get an appraisal: The lender will order an appraisal to determine the value of the property and ensure it is worth the loan amount.

Underwriting: The lender will review your application, documentation, and the appraisal to determine if you meet the requirements for the loan.

Clear conditions: If the lender requires additional documentation or information, provide it promptly to clear any conditions.

Final approval: Once all conditions are met, the lender will provide final approval for the loan.

Closing: Sign the final loan documents and transfer funds to the seller to close the transaction.

By following this mortgage process checklist, you can help ensure a smooth and successful home buying experience. It's important to work with a trusted lender and real estate professional to guide you through the process and answer any questions you may have along the way.