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Infographic: How to Apply for a Mortgage

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The mortgage application process can be overwhelming. Use this guide to simplify the application process so you can finance with confidence. 

Research the Lending Process

Before you start your application, prepare for the process and consider what type of loans you are interested in. Some things to consider include: 

  • How long you plan to live in the home. 
  • Whether you want a fixed-rate or adjustable-rate mortgage. 
  • The pros and cons of different types of loans. 
  • What payment amount will fit your budget.  

Compare Mortgage Lenders

Once you have an idea of what kind of loan you want, you can start comparing mortgage lenders. Most lenders can help you identify loans that will best fit your needs. They can also provide estimates for different loan options, giving you a sense of how much you will owe every month. The estimates include closing costs, other fees and interest rates.  

Look for a mortgage loan with low interest rates, few fees and closing costs 

Choose Your Lender

Choose a lender that provides great customer service, because they’re going to be your partner for years. When selecting a lender, consider the following: 

  • Determine the total cost of the loan by adding up the interest, closing costs and lender fees.  
  • Read their terms and conditions carefully. 

Contact your chosen lender when you’re ready to proceed with the loan. 

Get Pre-Approved and Complete the Mortgage Loan Application

If you’re looking for a home, you can ask a lender for a pre-approval. Getting pre-approved means that a lender has reviewed your financial profile and determined how much you can borrow. Typically, the lender will review your credit score and debt-to-income ratio and issue a pre-approval letter for the determined loan amount. A pre-approval letter may give you the edge when making an offer on a home. It shows the seller that you already have a lender in place should the deal go through.  

Once you find the right house or are ready to move forward with your chosen lender, it’s time to complete the mortgage application. 

Wait for the Clear to Close

Processing times vary by lender and loan types. During processing, the lender will review your application and verify your information. Your lender may request additional information during this time. 

Once the application is reviewed, it is sent to an underwriter, who verifies that the loan meets the necessary requirements and confirms your ability to repay the loan. When the loan is approved, the underwriter gives the clear to close. 

Yellow lightbulb with dollar sign in the middle svg icon Quick Tip

Did you know Ent offers a $500 mortgage closing guarantee? If we don’t close the loan on-time, based on the original sales contract, we’ll credit $500 to settlement costs at closing.1

Close on Your Home

Once the lender issues the clear to close on your application, your closing can take place. The lender will work with a closing agent, usually a Title company, to transfer funds for closing and prepare your closing documents. 

Take a moment to review the closing disclosure to make sure the final figures are what you expected. 

Equal Housing Opportunity

1$500 Mortgage Closing Guarantee is based on the mortgage loan closing date provided in the original sales contract. This guarantee is only available on purchase mortgage loans with closing dates set for a minimum of 30 days after the original purchase contract is signed. Loan closing date is subject to receipt of completed application and required supporting documentation. Required supporting documentation must be provided no less than two (2) business days after application receipt. Loan closing is subject to underwriting approval. Closing guarantee is not applicable if: a. borrower changes loan products or terms, b. closing is delayed due to seller’s failure to close on time, c. borrower fails to meet contract requirements, d. closing is delayed due to a third party requirement, including appraisal and inspection, e. closing date is not included in the contract, f. closing is delayed due to inclement weather or natural disaster, or g. loan documentation or application contains fraudulent information. Ent reserves the right to amend, terminate or withdraw this offer at any time without prior notice. Guarantee paid in the form of a $500 credit on the settlement form at closing. Standard qualifications apply. Loans are subject to final credit approval.

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