The Mortgage Process: Simplified


Every wonder what is involved in the Mortgage Process?

Middle-aged couple with sold signBelow are a few steps to help explain how the process works at Members 1st.

  • Step One: Pre-qualify- When you pre-qualify for your loan, you learn how much home you can afford, which saves you time and gives you negotiating power. This step is fairly quick and assesses your income, assets and credit
  • Step Two: Make an Offer- Once you find the right home, your agent will assist you in writing up an offer for purchase.
  • Step Three: Apply- Complete a full application. Provide supporting documentation such as bank statements, W-2’s, pay stubs and tax returns. This can be done online or in person.
  • Step Four: Lock Your Rate- Once your offer has been accepted, you can lock in the interest rate for your loan. This means that if rates increase your rate will not change.
  • Step Five: Underwriting-Now Members 1st will underwrite/approve your loan, obtain an appraisal and gather any other needed documents.
  • Step Six: Closing-All the documents will be prepared and ready for your signature at closing. Be sure to bring your closing cost funds, identification, and other requested documents. Then sign and leave with the keys to your new home!

 

For more information about Members 1st mortgages or to apply online, click HERE.

Or call our mortgage experts at (800) 283-2328, ext. 6026.

 

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