The Home Loan Process
From pre-approval to funding, here's a step by step guide on what to expect on your way to homeownership.
Pre-Approval & Loan Application
The first step in the home buying journey is filling out a loan application with a loan officer at Hometown Lenders NW. You'll fill out some basic information and provide the loan officer with supporting documentation. This helps paint a picture to your lender of your assets, debts, and what you're purchasing. This information helps the lender present the best loan programs for your situation.
House Hunting &
Finding the right home for you can be the longest part of the process. House hunting with a pre-approval letter in hand helps strengthen your offer. Once you get your offer accepted, and all-parties have signed the purchase and sale agreement, you are officially under contract!
Loan Processing & Underwriting
At this point the lender will verify the information you provided is true with verifications of deposit and employment. They will also order an appraisal and title search for your property. Once loan processing has been completed, the loan moves to underwriting. At this stage the underwriter reviews your entire loan file and gives you their decision.
Once you receive the clear to close from the underwriter, you have reason to celebrate! The closing team will send documents to the title office to prepare for your signing. You will sign your closing documents and wire any required funds. Typically, move-in day is a day or two after signing!