Get on the road to a new mortgage in Grand Rapids, MI!
Thinking about buying a new home in Grand Rapids or West Michigan? At a glance, the process of getting a home loan can look a bit confusing. Inlanta Mortgage is here to help with this handy guide detailing 10 key stops on your road to a new home, starting with pre-approvals all the way to close.
Simply use the arrow controls on the top right, swipe through, or click & drag to navigate the gallery:
#1: Get Pre-Approved
Submit your application and the documents needed to verify income, assets, and debts, including thirty days of recent paystubs, last two years of W-2s & two recent bank statements.
#2: Home Search & Offer
Your Realtor will help you find the perfect home. Once you’ve found your new home, your Realtor will show you comparable properties to determine the amount you want to offer.
#3: Purchase Agreement
Your Realtor will write up the contract for you and the seller to sign. A deposit is generally required. This agreement will outline all of the required dates, deadlines, and contingencies.
#4: Home Inspection
If the offer is accepted, a home inspection is next. Home inspections are not required but highly recommended. A home inspector will look for any issues or violations with the property.
#5: Applications & Disclosures
You will need to review and sign a number of documents, including your mortgage application and a Loan Estimate, which details the estimated costs of financing.
#6: Appraisal & Title
An appraisal (an estimate of property value) will be ordered to justify the purchase price. Also, a title company will be selected to research the property title.
#7: Homeowners Insurance
Proof of insurance and your first year’s premium paid in full are required prior to closing. We will contact your insurance agent for the invoice and verification of the amount of coverage.
#8: Final Approval
Underwriting will review all of the documentation n ecessary to approve your mortgage loan. Additional verifications may be necessary at this point. If all the documentation is acceptable, you will be clear to close!
#9: Closing Disclosure
You will get a final break down of all costs and money required at least 3 days before closing. At time of closing, you will need a government issued identification, as well as a cashier’s check or wire transferred funds for your closing costs.
#10: Your Loan Closing
It’s closing time! Did you bring your identification? Do you have a certified check to cover closing costs? During the closing, a representative from the title company will review all the loan documents with you. They will get signatures from both you and the seller. After all money is disbursed, the deed will then be recorded with you as the new owner of record!
Want to get started on your journey through the loan process and into a new home? The experts at Inlanta Mortgage in Grand Rapids, MI are here to help! To download a PDF version of this article, simply visit our Guides Section. Please feel free to Contact Us with any questions or to get started!