The Most Important Step

Step #1: Get Preapproval Kirsten Hamilton with Southern Ohio Mortgage is your Home Mortgage Consultant who will guide you through the most important first step towards home ownership.

First Name: Last Name: Email: Phone: (required field)

HOW PURCHASE LOANS ARE MADE

A STEP-BY-STEP WALKTHROUGH

1. Pre-Approval—get pre-approved for a mortgage and know in advance exactly how much house you can afford. Completing this step will also increase your buying power since you will be viewed as “qualified” buyer. The lender will need all applicable information from you such as: assets, income, debts, etc…

1. The Hunt—Begin shopping for a house. Once you find the right one, the terms of the sale will be negotiated, including the price and any seller paid costs.

1. Appraisal—Lenders require an appraisal on all home sales. By knowing the homes true value, the borrower and the lender is protected from overpaying.

1. Title Search—This is completed by the title company to discover any liens against the property. All liens must be cleared in order to close on this home.

1. Underwriting—Based on the information you gave the loan officer, the loan package will be sent to our underwriting team to review and fully approve the loan.

1. Homeowners Insurance—Upon getting approval for the loan, you will need to secure your hazard or homeowners insurance for the home. The lender requires we collect the first years premium up front prior to closing. You can pay this directly to the insurance company and they will provide us a paid receipt, or we can collect at closing and remit to the insurance company. You will need to provide us with your agents name and phone number so we can give them the pertinent information they need regarding your loan.

1. Closing—You are now ready to sign your mortgage documents so the title company can record the information with the county.