At Top7 Mortgage, we make it our mission to simplify the home loan process. From the moment you decide to apply to the day you get your keys, we’ll guide you every step of the way. Below is a detailed breakdown of each phase in the loan process, so you know exactly what to expect.

Before you start house hunting, it’s essential to get pre-approved for a loan. Pre-approval helps determine how much you can afford, making your home search more focused and strengthening your offer when you’re ready to buy.

What happens during pre-approval?

• Loan Application: Complete a short form where you’ll share your income, assets, and credit history.
• Credit Check: We’ll conduct a soft credit check, ensuring no impact on your credit score.
• Pre-Approval Letter: Once approved, you’ll receive an official letter that shows sellers you’re financially prepared to make a purchase. This letter is a powerful tool when negotiating the terms of your new home.

With your pre-approval letter in hand, you can confidently begin searching for your new home. Once you’ve found the perfect place, it’s time to select the loan that best suits your financial needs.

What loan options are available?

• Conventional Loans: Ideal for borrowers with strong credit and a solid down payment.
• FHA Loans: A popular choice for first-time buyers, with lower down payment and credit requirements.
• VA Loans: Exclusive to veterans and active-duty military members, offering zero down payment and low interest rates.
• USDA Loans: Designed for rural property purchases, offering low to no down payment.
• Jumbo Loans: For high-value homes that exceed standard loan limits.
• Refinance Options: If you already own a home, refinancing can help you secure better terms or cash out on equity.

Our mortgage specialists will work closely with you to understand your needs and help you select the loan that offers the best terms for your situation.

Once you’ve found your home and chosen your loan, it’s time to officially apply. If you’ve been pre-approved, most of the required information will already be on file, making this step quick and hassle-free.

What’s required for the loan application?

• Income Documentation: Recent pay stubs, tax returns, or other proof of income.
• Employment Verification: Documentation verifying your employment status or self-employment.
• Asset Documentation: Bank statements and records of financial assets such as retirement accounts.
• Property Information: The details of the home you’re purchasing, including the sales contract.

During the loan processing stage, our team thoroughly reviews and verifies all the information provided. We’ll also coordinate with third-party services like appraisers, title companies, and underwriters to ensure a smooth transition to the next stage.

Key steps in loan processing:

• Appraisal: An independent appraiser evaluates the home’s value to ensure it aligns with the sale price.
• Title Search: A title company confirms that the property is free of any legal issues, such as unpaid taxes or liens
• Underwriting: Our underwriting team reviews your financials to confirm your ability to repay the loan.

During this time, we may reach out to request any additional documentation needed to finalize your application.

Once your application is approved, the underwriter will issue a final loan approval. This is the stage where your loan terms are confirmed, including the loan amount, interest rate, and any conditions. We will review everything with you to ensure all details match your expectations.

After your loan is approved, it’s time for the closing. This is where you’ll sign the final documents and officially take ownership of your new home.

What happens at closing?

• Review & Sign Documents: Go over the terms of your loan agreement and sign all necessary paperwork.
• Pay Closing Costs: Closing costs typically range from 2-5% of the loan amount and cover fees such as title insurance, appraisal, and attorney fees.
• Final Walk-Through: You’ll have a final opportunity to inspect the property before the deal is sealed.
• Get Your Keys: Once everything is complete, the keys to your new home will be handed over!

Now that you’ve completed the home buying process, you can officially settle into your new home. After closing, we’ll be here to assist you with any questions regarding your mortgage, refinancing, or future financial needs.

What to expect after closing:

• First Payment: You’ll receive instructions on when and where to make your first mortgage payment.
• Support from Top7 Mortgage: Our support doesn’t end at closing. Whether you need help with your mortgage, want to refinance, or have questions about future home financing, our team is just a call away.

• Expert Guidance: We provide personalized assistance from start to finish, making sure you’re informed and comfortable at every step.
• Variety of Loan Programs: With a wide range of loan options, we can tailor a solution that fits your specific financial situation.
• Clear Communication:: We’re upfront about every detail, so you know exactly what to expect with no hidden fees or surprises.
• Fast & Efficient Service: Our streamlined process ensures a quick turnaround time, so you can focus on moving into your new home.

Ready to get started? Contact Us to begin your journey toward homeownership with Top7 Mortgage. Whether you’re purchasing your first home, refinancing, or exploring loan options, we’re here to make the process fast, easy, and stress-free!