Guide to the Home Mortgage Process

Before You Begin: The Initial Pre-Approval

Before you begin to actively preview homes with your buyer broker it is necessary to obtain a pre-approval from a bank. Your buyer broker can provide you with a list of bank representatives that have established a proven track record of successful transactions.

Connecticut Home Mortgage Guide

To start the process the mortgage representative at the bank of your choice will gather all the necessary information from you regarding your income and debts and will perform a credit check. Based on your debt to income ratios and credit scores, a determination is made as to how much you can borrow and which programs will be ideal for your specific situation. To support your claims you will be required to provide financial documentation such as your previous two years of tax returns, last four pay stubs and bank statements. Copies of rent checks may be also be required.

It is necessary to determine type and terms of financing in the initial phases of your home search. This process is referred to as a pre-qualification process. A pre-qualification letter will be required with an offer to purchase that clearly outlines terms such as down payment, mortgage amount, and type of financing. This process can take up to several days to complete. When multiple buyers are bidding on the same home a mortgage pre-approval can be the deciding factor in whose offer is accepted.

You've found your Home: The Mortgage Application Process

Opening Your File

Processing Your Loan

Mortgage Commitment: The Underwriting Process

Pre-Closing

Closing Your Property

If you have any questions, please don't hesitate to call me at 203-903-9488.

“Both of us feel very lucky to have been able to go through the house buying process with Annette…she made it easy, fun, honest, real and it truly felt like we were with someone who cared what steps we took!”

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