Step 8 – Apply for the Mortgage
Now that Escrow has been opened, it is time to start working on your mortgage. I know that we have gone through the pre-approval process, but now that we have identified the home of your dreams, the mortgage application needs to be specific to that property.
So what does this mean? There will be a lot of paperwork coming your way! Disclosures, Disclosures, Disclosures! The lender will put together your file specific to the terms of the contract you signed and will get you prepared to receive documents electronically and have you sign off on everything!
Disclosures will be made showing you the approximate monthly payment you will expect each month. You will receive a breakdown of what your costs to obtain your loan will be, as well as what the escrow fees will be.
This is the time to really dig in and see what this exact home will cost you and get you prepared for the next stages of obtaining your new mortgage!
Join me next week as I share step 9 where we talk about opening Completing Inspections! Did you miss step 7? Catch it here!