The Loan Process

Buying a home is not a long drawn out process.  In fact, our average time from Application to Clear to close is only 15.9 days.  Let’s go over the steps we take to make sure your loan process is simple and quick. 

Steps to Buying a Home

The first step in getting a mortgage is to get preapproved.  It is important to complete this step before you start looking for homes to make sure you are lookign within your budget.  Also, your pre-approval shows your real estate agent that you are a serious buyer that is able and willing to buy.  This is especially true when shopping in this current market.  When there are more buyers than available homes a high demand is placed on available homes creating  a highly competitive seller’s market.   Your preapproval shows both real estate agents and sellers that you are a serious able and willing buyer.

 

1. Complete Online Application

This is the first step in the preapproval process.  In the online application you will enter your income assets and work history.  Your credit will be pulled in order to obtain your credit score and your current monthly debts.  With this data we will be able to determine your debt to income ratios (DTI) allowing us to determine how much of a home you would qualify for.

 2.  Preapproval

 3.  Start Gathering Your Docs

Most of our programs will require you to document your income, assets, and employment.  (Don’t worry if you cannot document you income – we have special programs for you as well.)  Now it’s time to start getting these very important documents to complete your loan preapproval.  At Exos Mortgage we verify all of your income, asset, and employment documentations before issuing your preapproval.  We have found this approach allows us to fully preapprove you prior to lookign at a home.  Your preapproval is more than just a FICO score.  It is a verification of your ability to repay a mortgage – so when we issue the preapproval letter there will be no surprises down the line.  

Here’s a list of documents that most people will need:

  • Last two years of W2s
  • Last 30 days of Paystubs
  • Last two months of Bank Statements
  • Driver’s License
Of course, depending on your unique circumstance your documents may vary.  For instance, self employed borrowers will need more than the standard list of documents. For our Complete Preapproval Checklist click here.
 

4. The Home Search

5. Under Contract

6. Underwriting

7.   Appraisal and Title Work

8. Clearing of Conditions

9.  CTC 

10. Closing

 
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We make home buying simple.