LOAN PROCESS OVERVIEW
From pre-qualification to closing, we will be here for you every step of the way
First, you decide to buy a new home!
Fill out Source Mortgage Group’s online loan application and connect with one of our Loan Advisors, who will:
- Answer all of your home mortgage questions.
- Explain the home buying process to you.
- Provide valuable information on the market & what to expect; things like monthly payments, loan types, how much it will cost to close, and more.
- Help you gather supporting documentation that you will need to complete your loan application.
The next step in the process is for us to review your loan application and other documentation, in order to:
- Be sure you are 100% qualified, and that you have no outstanding issues that may rise up. This is to avoid any surprises once you are in settled into a contract.
- Share your payment and closing costs with you to ensure that you are comfortable with the price range.
- Issue your Pre-Approval Letter – so you can start your home search!
Make an offer on a home
You’ll start searching for homes with your local Realtor, who will help you:
- Search for a home in your price range, then decide on the offer price.
- Get your offer accepted by the seller.
- Contact a real estate attorney if needed, schedule your home inspection, call Source Mortgage Group, and begin your moving preparations.
Lock in your interest rate
Your Realtor will send us the purchase contract so we can:
- Update your file to make sure your transaction will run smoothly once in underwriting.
- Lock in your interest rate.
- Order the appraisal for the property.
- Send additional disclosures that may need to be signed.
Close on the home
Once the disclosures are signed, we will:
- Submit your file to our underwriting department.
- Discuss the all the conditions requested by the underwriter with you.
- Order the final loan documents for you to sign.
- Ensure your loan is funded and closes on time!