Prequalification:

• This is the initial step where you provide your financial information to a lender, who then assesses your eligibility for a mortgage loan. They will consider factors such as your income, credit score, and debt-to-income ratio.

Mortgage Application:

• Once prequalified, you will complete a formal mortgage application. This involves providing detailed information about your finances, employment history, and the property you intend to purchase.

Documentation Submission:

• You will need to gather and submit various documents to support your application, such as pay stubs, bank statements, tax returns, and identification documents. These documents help the lender verify your financial information.

Loan Processing:

• After submitting your application and documents, the lender will review and verify the information provided. They may also order an appraisal of the property to determine its value.

Underwriting:

• In this step, the lender evaluates your application, creditworthiness, and the property's value to determine if you meet their lending criteria. They may request additional documentation or clarification during this process.

Loan Approval:

• If your application meets the lender's requirements, they will issue a loan approval. This means they are willing to lend you the requested amount, subject to certain conditions.

Closing:

• Once your loan is approved, you will proceed to the closing stage. Here, you will sign the necessary legal documents, pay any closing costs, and complete the transfer of ownership. The lender will fund the loan, and you will receive the keys to your new property.

Repayment:

• After closing, you will begin making regular mortgage payments according to the terms agreed upon in your loan agreement. This typically includes principal and interest, as well as escrow payments for property taxes and insurance.

It's important to note that the mortgage loan process can vary depending on the lender and the specific circumstances. Working closely with a mortgage professional can help guide you through each step and ensure a smooth process.