March 6, 2023Like a home, a mortgage is made up of many parts working together to make your life more comfortable. THE FOUNDATION: GATHER FINANCIALS & APPLY Every home needs a strong foundation, and every mortgage application needs one too. To set your home buying journey up for success, start by gathering all your necessary financial documents. Click here for a list of documents commonly needed. Your Spirit Mortgage Loan Officer will take these documents and begin your credit check and verification. They will then set you up with loan options, down payment needs and expected closing costs to give you a solid start on your home buying process. THE FRONT DOOR: APPRAISE & VERIFY PROPERTY Once you’ve found your ideal home, it’s time to make sure everything is in order. Your Spirit Mortgage Loan Officer will order an appraisal of the property and you will most likely order an inspection of the home. Both of these evaluations give you and the lender the necessary information to move forward with your home purchase, like shutting the front door for your protection and peace of mind. THE WINDOWS: PROCESS & UNDERWRITE LOAN Once your loan is at processing and underwriting you are one step closer to closing day! This is where your loan gets reviewed along with all those documents you’ve submitted. Once processing and underwriting is complete, you lock in a rate, order title insurance and schedule your closing time. You can always track the status of your loan in our online portal. THE ROOF: CLOSING DAY Just like a roof finishes out your home, closing day finishes out your mortgage process. At closing you will finalize all the documentation to make your home purchase official. As part of your online application process, you can sign most of your documents from virtually anywhere using a smartphone, computer or tablet. The rest will be finalized at your closing meeting. Now that you have finished the mortgage process, it’s time to celebrate! Move in, plan a housewarming party and enjoy your ideal home. If you or someone you know is looking to purchase a home, let us know, we are always here to help.