Are you buying your first home? The first thing you should do before even looking at houses is take a look at the money involved. Sit down with a mortgage officer and review your finances and discuss your options. Here's a rundown on how to go about
getting your first mortgage.
Contact your mortgage lender and get pre-approved to buy. Usually takes 1-3 days processing time.
LOOK FOR HOMES AND SUBMIT OFFER
Work with your buyers agent to preview homes and submit an offer.
FINALIZE LOAN APPLICATION
Finalize your loan application and update documents. Usually takes 1-3 days.
Your lender will assign a processor who packages your file and monitor progress. Usually takes 5-15 days.
An underwriting verifies the loan fits all guidelines and issues mortgage commitment. Usually takes 5-20 days.
Last details finalized by the lender like title rundown and title insurance. Usually takes 3-5 days.
The Attorney finalizes paperwork, issues Closing Disclosure and you sign and take ownership! Usually takes 5-7 days.
Congratulations! At this point, you have just survived the tedious process of getting your first mortgage. Enjoy your new home!
Source: Pinterest Infographic (Merrimack Valley Real Estate)