Step-by-Step Guide to the Mortgage Process

Whether you’re a first-time homebuyer or looking to refinance, the Julie Payton Mortgage Team is here to guide you through the mortgage process. In this step-by-step guide, we’ll walk you through each stage, from pre-approval to closing, and how we partner with you to make your homeownership dreams a reality.

Step 1: Pre-Approval

Before you start house hunting, it’s essential to get pre-approved for a mortgage. This step sets the foundation for your homebuying journey. Our team will work closely with you to explain your financing options, assess your creditworthiness, and gather the necessary financial documents. With a pre-approval letter in hand, you’ll have a clear understanding of your budget and can confidently make offers on properties within your price range. We also provide a Rapid Close Checklist so you can get started collecting documents for your full application.

At the Julie Payton Mortgage Team, we pride ourselves on our swift and thorough pre-approval process. Our experts will help you navigate through the paperwork and provide personalized insights to help you make informed decisions.

Step 2: Loan Application

Once you’ve found your dream home, it’s time to submit your formal loan application. Our team will assist you in completing the application accurately and efficiently. We understand that mortgage terminology can be confusing, so we’re here to explain every detail, ensuring you’re comfortable with the information you provide.

With more than 27 years’ experience in the mortgage industry, the Julie Payton Mortgage Team is well-versed in all loan types and programs. We’ll help you select the option that aligns best with your financial goals and situation.

Step 3: Loan Processing

After submitting your application, our team swings into action. Within one day of application your file will be given to our in-house processor. She will make sure we have all the necessary financial information and will email documents to you for signature. We meticulously review your documents and work closely with underwriters to ensure a seamless processing experience. Our proactive approach means that we’ll address any potential hurdles early on, saving you time and minimizing stress.

Throughout the loan processing stage, our team maintains open communication with you. You’ll receive updates on the progress of your application, giving you peace of mind knowing that your mortgage is in capable hands.

Step 4: Underwriting

Underwriting is where the magic happens. Your file will be submitted to underwriting within 3 days of being received in processing. Our experts collaborate with underwriters to assess your application’s risk and ensure that all necessary criteria are met. With the Julie Payton Mortgage Team, you benefit from our strong relationships with lenders, streamlining the underwriting process and increasing the likelihood of smooth approval. Underwriting decisions are typically made within 2-4 days.

Step 5: Approved with Conditions

If you are “approved with conditions,” our in-house processor will work directly with you to obtain any additional information that is requested, such as an appraisal, title, survey, or WDO inspections.

Step 6: Final Underwrite & Clear to Close

Congratulations, you’re almost there! When your loan is cleared to close, it means you’re just steps away from homeownership. Our team will work with all parties involved to coordinate the final steps, including a thorough review of the closing documents. We’re dedicated to making sure you understand the terms of your loan and feel confident before moving forward. Our goal is to have your closing documents out well before the closing date.

Step 7: Closing

Closing day is an exciting milestone. Our processors work with the closing agents to make the final preparations for your closing. Your loan originator will email to you the closing disclosure and call you with your final closing figure. Our team will be by your side to explain each document you’ll be signing and answer any last-minute questions. We understand that closing can be overwhelming, so we strive to create a relaxed and informed atmosphere.

As the ink dries on your new mortgage, you’ll officially become a homeowner. The Julie Payton Mortgage Team celebrates this moment with you, and we’re always here for ongoing support as your mortgage needs evolve.

Partner with the Julie Payton Mortgage Team

At the Julie Payton Mortgage Team, we believe that obtaining a mortgage should be an empowering experience. We are committed to making your home financing smooth and simple with our in-house processing. From the beginning you will know where your file is in the process. With our friendly expertise and customer-centric approach, we’re dedicated to guiding you through each step of the mortgage process. Your goals are our goals, and we’re committed to helping you achieve them.

Ready to embark on your homeownership journey? Let’s schedule a free consultation:

Note: This is a simplified breakdown of our process. Not all loans follow the same format, and some steps are not shown here.