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The home mortgage process can often appear to be a daunting one, especially to first time home buyers. While there is nothing simple about getting a mortgage, it does not have to be difficult. It's up to your mortgage provider to communicate clearly with you through the process.
The Mortgage process has five primary steps
Any one of these processes can appear to be lengthy and confusing. Virtually all of the paperwork involved is required by state and federal law. Work with your mortgage provider to ensure you understand each step of the process.
Before a borrower begins their search for a new home, they should always be Pre-Approved. This process helps to determine what they can afford. You can submit your Pre-Qualification certificate with the purchase contract to the seller which enhances the offer and will make you more attractive to the seller.
2. Loan Application
Once all parties have agreed to the purchase price and terms have been signed, there is an executed contract, which becomes the foundation of the new mortgage. There are now 3 steps that need to be accomplished by the borrower in order to proceed with the loan.
3. Locking an Interest Rate
4. The Approval Process
There are three major steps that are being accomplished between the client's application signing and their closing with Wintrust Mortgage.
Residential Mortgage loans are provided by Wintrust Mortgage. Wintrust Mortgage is a division of Barrington Bank and Trust Company N.A, NMLS # 449042, an affiliate of St. Charles Bank & Trust™.