Thanks to the oversight of the Consumer Finance Protection Bureau (CFPB) the home financing process is more thorough and regulated than ever, to better protect consumers and lenders.
Step 1: Initial Consultation
We recommend reaching out to your Fairway loan officer via email, phone or in person to discuss your homeownership goals. This initial consultation covers how long you plan on living in the home, the amount of down payment you will need, and how much you want your monthly payments to be. Not working with a loan officer yet? Find a loan officer near you.
Step 2: Pre-Qualification
A pre-qualification determines how much money you will be eligible to borrow before you actually apply for a loan. It is very important to understand that a pre-qualification does not guarantee a loan. During this step, we gather your financial information and make a conditional determination about your qualifications. You can review our Document Checklist for the basic information required.
*A pre-qualification is not an approval of credit and does not signify that underwriting requirements have been met.
Step 3: Processing
After you have completed a loan application, your mortgage professional collects all required documents and submits your loan file to the loan processor. The processor reviews your file and orders your property appraisal. Depending on your situation, the processor may need additional documentation during this step. Once your loan file is completed, the processor submits it to underwriting for approval.
Step 4: Underwriting
The underwriter reviews your loan file to ensure all guidelines are met for the specific loan program and issues a loan decision. Once your mortgage has been approved and all conditions have been cleared, your loan is moved to “Clear to Close” status.
Step 5: Pre-Closing
You will receive a loan commitment letter which contains the details of your loan including rate, amount and term along with any outstanding conditions that need to be addressed before the file is sent to closing. Once everything is cleared by the underwriter, our closing department will complete your final documents.
Step 6: Closing
During closing, you will sign a variety of final documents. Be sure to bring a photo ID along with the proper form of payment to cover your down payment, closing costs, prepaid interest, taxes, insurance or any additional costs. After the closing documents are completed and all funds have been disbursed, you will receive the keys to your new home!