the loan process

STEP 1

Speak with a loan originator

Buying a new home, whether it’s your very first or not, can be an exciting but overwhelming process. There is a lot to think about, and you want to make sure to avoid any mistakes or miscalculations. Your first step should be to speak with a loan originator. Our amazing loan originators at Atlantic Trust Mortgage will help you to get your initial paperwork together, understand all of your financing options, and set realistic expectations for the home buying process. We’ll be with you every step of the way from here on out.

STEP 2

Define your goals

There are many different types of financing options available, so it is important to define what your goals are early on and what is most important to you. Speak with your co-borrower and make sure you agree on these issues. Do you need to stay below a specific monthly payment? Do you want to avoid paying mortgage insurance? Is there a certain set of terms you want to be sure you receive?  If you need help making these choices, our loan originators are just a phone call away.

STEP 3

Submit your pre-approval application

To get started securing your loan, you’ll complete our short and easy pre-approval application with one of our loan originators. During this process, you’ll find out how much you are able to borrow based on your specific situation, credit, income, and employment information. We’ll help you figure out the best way to reach your goals with this information in hand. Once you are pre-approved, it’s time to start shopping for your new home!

STEP 4

Find the perfect home and get under contract to buy

When looking for a home, consider the location, school system, community feel, and neighborhood safety in addition to the price of the actual house. There’s a lot to think about but this is often the most exciting part of the process! Once you’ve found the perfect home, you’ll start the paperwork with your real estate agent to go under contract to buy it. At this point, it’s time to secure your mortgage.

STEP 5

Submit your documents

In addition to the final loan application, we’ll need your help in submitting a few important documents to your loan originator. This includes your W2s, pay stubs, bank statements, and any other important information to aid in understanding and providing evidence for your current debt and income situation.

STEP 6

Appraisal

While your application is being processed and your documents are being reviewed, we’ll order an appraisal of your new home in order to check how much the property is actually worth and make sure that it checks out against the asking price. We’ll send you a copy of the report once it’s completed.

STEP 7

Underwriting and preparation for closing

As we wrap up the loan application process, we’ll submit your loan to underwriting for final review and approval. We’ll look for any last minute impediments and make sure everything is ready for close. During this time, you may want to avoid causing any changes to your credit score, such as purchasing a new car or opening a new line of credit, as this could slow down the process. Start making sure you have everything you need to attend your closing meeting, such as your government issued ID and proof of homeowners’ insurance.

STEP 8

Closing your loan

One last step and the loan is yours! We’ll send you a closing disclosure detailing final settlement figures and the total funds you’ll need for closing. Read these documents carefully and make sure everything is accurate. Stretch your hand out before attending your closing meeting, as there will be a lot of paperwork to sign. But we promise it will all be worth it – after all, you’ve just secured your new home!