Purchasing your first home doesn't have to be a nerve-racking or a puzzling experience. Here at E Mortgage Management, our goal is to make you feel comfortable throughout the entire mortgage process from beginning to end. That's why we created our simple 7 step mortgage process.
Step 1: Getting Pre-Qualified
This will give you an idea of what loan amount and purchase price you can afford.
Step 2: Determine which mortgage loan best suits your needs
There are many loan options available from first-time buyer programs to traditional conventional, jumbo, and FHA loans.
Step 3: Contact a real estate agent and start shopping
Once you've been pre-approved and have an idea of what price range you qualify for, you can work with a Realtor to view homes for sale in the areas you'd like to live.
Step 4: Review your loan application and update your loan
Depending on how much time has passed since we issued your pre-approval, we may need to collect some updated information and updated documents from you.
Step 5: Lock in your rate
At this point, if you'd like to secure your interest rate, your Mortgage Loan Originator will send you a lock agreement to confirm the terms of the loan and rate.
Step 6: Home inspection and appraisal
It is advisable to schedule a home inspection with a professional who will walk you through the property to look for any red flags such as structural damages or appliances that may not be working properly and other items that may need to be fixed. While your loan is being reviewed and processed, we will schedule an appraisal appointment with the seller's agent to confirm the value of the home.
Step 7: Loan approval, signing, and closing
Once we have everything we need, your Processor will submit your complete file to the underwriting department for approval. Once approved, we will prepare loan documents for you to sign.