What to Expect When Applying for a Mortgage

The following information is a flow chart of how the mortgage process works.

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)

1. Meet with or call lender to be pre-approved for a mortgage loan, or visit website at www.kirstenashworth.com and click on the pre-approval link. Lender will supply you with a pre-approval letter upon being approved for a loan.
2. Meet with real estate agent to decide your home buying needs and set up showings of homes you and your real estate agent have picked to see.
3. Upon acceptance of a purchase contract, meet with or call lender again to finalize figures, and bring in any additional documentation needed. Lender will need to know the desired closing date.
4. Once a contract is received and all documentation is satisfied, your file will be submitted to underwriting for the formal approval.
5. You and your realtor decide what steps need to be taken next regarding whole house inspections, and any other inspections you decide to do.
6. Once the inspections are complete, or when you are ready, notify lender to order the appraisal. See application checklist-lender will need the appraisal fee before appraisal can be ordered.
7. Once final approval comes back from lender, you will need to secure Homeowners Insurance through the insurance agency of your choice. You will be required to pay one year of homeowners insurance upfront to the insurance company or this amount can be collected at closing. You will need to supply the lender with the name and phone number of the agent you have chosen. You will need to bring a paid receipt if applicable and a copy of your declaration page to closing.
8. Once approval and appraisal have gone through underwriting and are complete, you are ready to close on your loan.
9. Between you and your realtor, and the sellers and their realtor, you will need to decide a date and closing time and notify your lender of this.
10. Once closing date is set, your lender will send your closing package to the title company. Approximately 2-3 days before closing, your lender will supply you with your final figures, and your required cash to close if needed. If you are bringing more than $1000 to closing, you will need to get a certified cashiers check made payable to yourself in the amount the lender has given you.
11. For closing, you will need your picture I.D., your insurance declaration page and paid receipt, and your cashiers check.
12. Upon closing, whatever month you close in, you will skip 1 month after that, and your first mortgage payment will be due on the first of the second month. Ex. Close on March 1st, first mortgage payment due on May 1st.