The financing process can be broken down into several steps.
Step 1: You – the Buyer – must complete a loan application.
Step 2: The lender will begin to process your application.
Step 3: Once your application has been filed, the lending institution will request an appraisal, credit report, and verification of employment and assets.
Step 4: The lender may provide you with a booklet containing specific mortgage information to further inform you of the lending process.
Step 5: The lender will now evaluate your application along with all supporting documentation, and approve the mortgage.
Step 6: Signed closing documents and instructions will then be sent to your lawyer.
Step 7: The lender then disburses the funds to the lawyer, and the seller is paid. The title to the home is then yours.