Mortgage Process

While not necessary, getting pre-approved can help you better understand your financing situation. You will learn what you can comfortably afford, how much you will need for a down-payment, what your credit score is and educate yourself on the different products and services available to finance your dream home. 

This part of the process can be done online in most cases or in person. All customers must apply for a mortgage loan within 5 days after signing an Agreement of Sale. This step in the process is usually quick and for gathering facts and information. It should not take too long to complete.

Some information that is helpful to have ready ahead of time to provide to your lender is:

- Purchase Agreement for the home you are investing in

- W-2's for the last two years

- Bank statements, stock and retirement account information

- Copy of your driver's license and social security card 

The information you provided in your loan application will go through underwriting which is the process financial institutions use to verify your eligibility to receive a loan.  If everything checks out okay, approval for the loan will be given at this time. 

It is important to stay in touch with your mortgage representative. Make sure you follow up on all items necessary to keep the commitment current. The Tuskes Sales team will be there to remind you of any items or milestones you need to meet.  Some requests may seem repetitive but be assured we are working for you to help you keep that great financing package you have worked hard to secure. 

A settlement coordinator will work in conjunction with your lender and the title company to prepare the settlement statement, often referred to as a HUD.  It's almost time to close on your new home! 

Almost home!  At settlement, you will sign off on all final documents and receive the keys to your new home.  Congratulations and Welcome Home!