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How does your purchase mortgage process work?

Step 1: Getting an idea…

First, we kindly recommend (although it’s not necessary; just helpful) that anyone interested in home buying (even before you reach out to Get A Rate) check out our calculation tools which are FREE and easy to use; You can choose from our “Mortgage Calculator” (This will give a pretty accurate estimate on what your monthly mortgage payments will be.), “Affordability Calculator” (This takes a VERY thorough look at your spending habits, current debts, and your income to provide an estimate of what you can TRULY afford.) and our “Rent vs. Buy Calculator” (This will help break down which option is cheaper for you given your current circumstances.; Other resources under this menu include our blog along with a broken-down list of loan options.).

Step 2: Getting A Pre-Approval

If you’re interested in working with Get A Rate, the next step would be obtaining a Pre-Approval Letter. You can get a pre-approval with us in about 10 minutes by filling out the form here, or you can call us at 201-393-0200 to speak with one of our mortgage professionals. 

*It should be noted: A Mortgage Pre-Approval is not a commitment to lend and additional documentation may be required.*

Step 3: Upfront Underwriting/Pre-Approval

Then, once you find your dream home, your advisor will help prepare your mortgage application. As soon as you decide on an offer price, your real estate agent can best represent your offer to the seller.

Step 4: Order Appraisal 

Following this, you’ll draw up a contract based on the agreed-upon purchase price, closing date, and contingencies. Then, contact your mortgage lender to submit your application. Your mortgage lender will prepare disclosures for your review based on property address, purchase price, selected term and program, rates, and more.

Step 5: The Home Inspection

A home inspection will then need to be ordered. A home inspection is a small (but worth it) investment in making sure that you’re not purchasing a home that’ll cost you a lot in repairs down the road. The home inspector will determine if there’s anything that’s structurally or mechanically faulty with your dream home.

Step 6: Final Underwriting

The underwriting process will be next. Thankfully, with Get A Rate, it’s quick, simple and painless. You’re working with experienced Home Loan Advisors. We’re here to help empower you to make the right decision when buying a home, selecting a loan amount, program and much more. Your advisor will work with you from here to provide you, your real estate agent, and your attorney any updates.

Step 7: Closing

And finally, the final mortgage approval. You’re almost done. Once your loan conditions, appraisal, and inspection reports are complete, the lender will issue the mortgage commitment. Basically, it’s the lender’s promise to lend you the money for your new home. Once the mortgage commitment is issued, you’re fully approved for the mortgage and ready to close on the home.

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