6 Steps in the Home Buying Process

Contact us and we will schedule a consultation (by phone or in person at our office). We will discuss your homeownership goals, including:

• How long you plan on living in the home
• The amount of down payment you will need
• How much you want your monthly payments to be

Each of these will factor into how we approach your loan needs.

A pre-qualification determines how much money you will be eligible to borrow before you actually apply for a loan. It is very important to understand that a pre-qualification does not guarantee a loan. During this step, we gather your financial information and make a conditional determination about your qualifications.

Below is a list of the paperwork needed to get started with a home mortgage

• Residence information for past two years
• Most recent two months pay stubs
• Employment history for past two years
• W-2 forms for past two years
• Source of down payment (if applicable)
• If self-employed, two years federal tax returns
• All bank, 401(k) and stock statements for past two years

*A pre-qualification is not an approval of credit and does not signify that underwriting requirements have been met.

After you have completed a loan application, your mortgage professional collects all required documents and submits your loan file to the loan processor. The processor reviews your file and orders your property appraisal. Depending on your situation, the processor may need additional documentation during this step. Once your loan file is completed, the processor submits it to underwriting for approval.

The underwriter reviews your loan file to ensure all guidelines are met for the specific loan program and issues a loan decision. Once your mortgage has been approved and all conditions have been cleared, your loan is moved to “Clear to Close” status.

You will receive a loan commitment letter which contains the details of your loan including:

• Loan percentage rate
• Amount and term length
• Any outstanding conditions to be addressed

Once everything is cleared by the underwriter, our closing department will complete your final documents.

During closing, you will sign a variety of final documents. Be sure to bring a photo ID along with the proper form of payment to cover your down payment, closing costs, prepaid interest, taxes, insurance or any additional costs.

After the closing documents are completed and all funds have been disbursed, you will receive the keys to your new home!

The Tuttle Group helps you to buy first home and also make the home loan process as simple as possible by guiding you every step of the way – from initial consultation, to application, to closing, and beyond. We also provide you with regular updates to keep you informed on the status of your loan throughout the entire process. You’ll be notified weekly with status updates and be contacted immediately regarding significant milestones as well as any changes. Ready? Start the home loan process today.