Your Guide to Understanding
The Mortgage Process
1
Determine Your Budget
Begin your home buying venture by evaluating your financial standing. It’s vital to ensure that you can manage the monthly mortgage commitments. Our home affordability tools can guide you in pinpointing the ideal home that aligns with your budget.
2
Initiate Your Loan Preapproval
A mortgage preapproval enhances your home buying credibility. This is determined by evaluating your income, credit history, and other financial credentials. A preapproved status signals to sellers and agents your serious intent and readiness.
3
Discover Your Ideal Home
Dive into the home search. Seek properties that resonate with your aspirations and consult with your real estate agent for insights. Upon identifying the perfect home, proceed to make an offer, supported by an earnest money deposit to reinforce your commitment.
4
Finalize Your Mortgage Lender Decision
With an accepted offer in place, finalize your choice of mortgage lender. We recommend exploring a few options to discern the most favorable rates and terms tailored to your loan requirements.
Note: Different loan types, such as VA or FHA, might offer distinct rates. Speak with your loan officer to learn more.
5
Complete Your Mortgage Application
After deciding on our team as your trusted lender, carefully complete the mortgage application. Upon submission, expect a detailed loan estimate within days, highlighting terms, rates, and associated fees.
6
Experience NMB's Transparent Underwriting
This phase involves a thorough review of your application, validating your financial data and property specifics. As the borrower, this is primarily a phase of anticipation. Our team may reach out if additional details are required.
7
Gear Up for the Final Financial Commitments:
As you approach the culmination of this journey, be prepared for the down payment, settle any closing costs, and furnish evidence of homeowners insurance. These specifics will be detailed in the closing disclosure post-underwriting. Familiarize yourself with these documents to ensure a smooth finalization.
8
Celebrate Your New Home 🎉
Attend the closing session, where you’ll endorse essential paperwork and address any lingering queries. Typically conducted face-to-face, we also offer digital closing options for convenience. With all formalities concluded, the keys to your new abode await!
How long does getting a mortgage usually take?
The duration varies based on factors like loan type, application details, and more. A good rule is to be thorough and quick about submitting your required documents. This can speed up the process.
What is involved in NMB's lender processing?
Processing is a methodical process of evaluating all necessary documentation to ascertain the borrower’s qualification for the desired loan. With your help, we collect each of these documents so that an underwriter can review your application and make an informed approval decision.
What criteria does NMB consider during a mortgage application?
We holistically assess income, debt-to-income ratio, credit score, employment trajectory, and property type to determine eligibility. Each loan program has different sets of eleigibility guidelines. For a complete understanding of what’s required to obtain a mortgage approval, make sure to speak with your NMB loan officer.
How will I know when my mortgage is approved by NMB?
Expect a prompt communication, either via call or email, from our dedicated loan officers notifying you of the approval.
