Home Loan Process Overview and Outline

Home Loan Process Overview with Best Lender in DallasThe home loan process is three easy steps. First, get pre-approved. Second, find a home. Finally, get a mortgage. The home loan process seem complicated due to all details in between. The Mortgage Mark Team can guide you through the steps and answer all your questions. Likewise, our Mortgage Resource Library has great content for those needing more information on the credit scores, loan programs, or mortgage options. Finally, our Construction Home Loan page also provide details on home construction loans as there additional steps in that process.

Home Loan Process

The entire home loan process to buy a home is outlined below with applicable links to other specific pages. Similarly, the refinance process mirrors the purchase process when excluding the “Find a Home” section. The Refinance Overview page outlines the types of refinances, refinance costs, and most importantly, how to determine if a refinance is worthwhile.

We also recommend you stay in tune with our Blog during the home loan process for the reason that it provides updates on the market. It seems like nobody cares about the blog until they start preparing for the home loan process.

Home Loan Process Outline

Each step below has it’s own page detailing the process and almost every one of them contains a video. Please visit each applicable step as you move through the process. Above all, please call us if you have any questions throughout the home loan process.

Timelines have been included below in parenthesis for applicable stages. For example, we know it takes 2-3 days for a mortgage loan to be underwritten by our Underwriters. By contrast, we don’t know how long it will take you to find a home and for that reason we didn’t include a timeline estimate.

Home Loan Process: Breakdown

The home loan process is done in three stages:

  1. Qualify for Mortgage
  2. Find a Home (for purchases)
  3. Mortgage Loan Process

1. Qualify for Mortgage

  1. Home Loan Basics – Do Homework – figure out (on your own) if you’re ready to buy and take the first step.
  2. Do’s and Don’ts for Home Loans – know them, live them
  3. Interview Lenders – find a lender that makes you feel comfortable
  4. Apply and get Pre-Qualified (1 business day)
  5. Get Pre-Approved (1-2 business days)

2. Find a Home & Buy a House

This is the fun part. First, let us help you pick a Realtor that does a ton of business in the area where you’re looking to buy a home. Then, go find a home and submit an offer. Your Realtor can negotiate like a bulldog and insure you’ve found the right home for you at the right price.

  1. Find a Realtor
  2. List Your Current Home (if applicable)
  3. Find House and Submit Offer
  4. Sellers Accept Offer and Executes Contract
  5. Write Option and Earnest Money Checks

3. Mortgage Loan Process

You ultimately determine if you’ll have a great mortgage experience because your responsiveness early in the process impacts the closing late in the process.

Even more important, please take the time to read what we send you and call us with questions. This pages are loaded with pertinent content written for you and as a result you will be held accountable for the information on them.

Check out Tips for a Smooth Process before starting the mortgage loan.

  1. Loan Packaging (1-2 days)
  2. Setup (2-3 days)
  3. Processing & Credit Approval (2-3 days)
  4. Initial Underwrite Approval & Submit Conditions (2-3 days)
  5. Final Approval / Cleared to Close (1-2 days)
  6. Closing Docs & Final CD Sent to Title (1-2 days) – no link for this one. We all are sitting an waiting. 🙂
  7. Closing & Funding

After Closing

Visit is our After Closing page, it’s another great source for you. It contains action items that are separated in to these timelines: immediate, 30 days, next year, and down the road. Some of these items will certainly make your life easier in the future. Even more important, some will save you money.