Mortgage Process
Building Your Dream Home
Buying your new home should be a time of joy, not a time of stress or intimidation. That’s why Charter Mortgage's friendly Loan Officers are here to support you through every step of the application process. We think you’ll be pleasantly surprised by how quickly and easily most of our applicants get answers - and a new home.
A Reality.
Applying for a Mortgage: A 6-Step Process!
Step 1: Deciding if You’re Ready to Buy a Home
Click on the links below to determine if the timing is right for you to buy a home.
Step 2: Pre-Qualifying for Your Loan
You will be matched to a loan officer who will help you decide how much house you can afford. Once you’re ready to move forward, you will need to provide your loan officer with some basic documentation, as follows:
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A completed, signed Mortgage Application
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A copy of your W-2s for the past 2 years
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A copy of your paystubs covering the last 30-day period (must be computer-generated and reflect year-to-date earnings)
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A copy of the last 2 years’ personal Federal Income Tax Returns, if you claim additional income.
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If self-employed, you must provide copies of the last 2 years’ tax returns along with a current Profit & Loss Statement.
Your loan officer will help you fill out the paperwork to pre-qualify for your mortgage. You will be asked to sign documents permitting us to do a thorough credit check, and verify your employment, banking and credit history. At this point, you may be pre-approved for a loan amount, subject to underwriter acceptance.
Step 3: Finding Your Dream Home
Now that you’re pre-approved for a specific loan amount, you’re ready to shop for your new home. Once you’ve decided on a home, your loan officer will ask you to fill out the property-specific information section on your loan application.
Step 4: The Independent Appraisal
Consider the property you’ve chosen as the collateral for your loan. Since this acts as security, we need an independent appraisal report. Charter Mortgage will assign an independent appraiser to estimate the current value of your desired property. This is based on the neighborhood, the value of similar homes in the neighborhood, the size and age of the property, and its structural integrity. This process takes about five to ten business days, and a Charter Mortgage representative will contact you as soon as the results are in.
Step 5: Issuing Our Commitment Letter to You
Our underwriters are responsible for reviewing your application and making the final decision as to whether your loan is approved. Once approved, you will receive a commitment letter from Charter Mortgage. This letter will request that you schedule a time, within a particular deadline, for the closing and property transfer.
Step 6: The Closing
Congratulations! This is the day you take legal ownership of your new property. Typically, the closing occurs at the title company, with all parties involved (the seller, attorney, lender and buyer) in attendance. You will need to bring your down payment, closing cost fees and proof of insurance for your new property. The attorney will explain the legal documents for you to sign. As the buyer, you will need to sign a mortgage note (your personal promise to repay the loan) and the mortgage (your financial lien or claim against the property). And next, the moment you’ve been waiting for - keys to your new home! You are officially a homeowner!
