Mortgage Process

Buying a new home can be exciting. However, navigating the mortgage process can be stressful and overwhelming. Knowing the steps to follow can make that process easier and less stressful.

At Avanti Lending, we strive to provide our clients with open and honest guidance throughout the process, so here’s what to expect when applying for a mortgage.

Why Do You Need a Mortgage Broker?

The first step you need to take before looking for a home is getting a pre-approval from your lender. You can start by figuring out how much you can afford to pay. Using a mortgage calculator can give you an idea of what kind of mortgage you can expect and what you can afford.

Be Responsive to Your Lender

Once you’ve applied and qualify for a mortgage, your lender may require additional documentation. Replying promptly will help keep the mortgage process moving along smoothly.

Find a Property

Once you’ve been pre-approved for a mortgage, now is the time to search for your dream home with a realistic budget in mind.

• Order a Home Inspection. Getting a home inspection is an important step that first-time buyers may not expect, but getting a professional inspector to look at the home can help you spot things you may not have noticed and avoid unforeseen issues.
• Purchase Homeowners Insurance. Getting homeowner’s insurance is crucial, and lenders will require proof of insurance before finalizing your mortgage approval.

Apply for Mortgage

Once you’ve chosen your property, you can now approach your lender for a mortgage. Make sure to shop around when picking a lender to make sure you get the best deal.

• Avoid taking on new debt. Once your loan is in process, avoid taking on new debt, as a poor debt-to-income ratio could hamper your mortgage approval.
• Let the process play out. Your lender will order a home appraisal to make sure the value of the property you are buying is in line with the purchase price. An appraiser will visit the property and compare it to other recently sold properties in the same price range. Your lender will also do a title search to ensure there are no outstanding liens.

Complete the Loan Process

Now that you’ve gotten your loan approved, along with completing your inspection, appraisal and title search, your lender will set a closing date and tell you exactly how much money you’ll be required to bring to the closing.

Close on Your Home

You’ll be invited to a closing meeting with the title company (or attorney’s office), where you’ll receive a large stack of documents. Make sure to thoroughly read through the documents and voice any questions about the terms of the agreement.

Choose a Trusted Mortgage Partner

Are you ready to purchase your dream home? Contact the expert team at Avanti Lending to start the mortgage process by emailing us at info@avantilending.com or (954) 440-6274. With over 20 years of experience, we will guide you through the process from start to finish for a seamless mortgage application.