Loan Programs

Lesson Content

1. What Is a Mortgage?

A mortgage is a loan used to purchase real estate, secured by the property itself. The borrower agrees to repay the loan over time, typically in monthly installments, including interest.

2. The Mortgage Journey: Step-by-Step

• Step 1: Initial Consultation

  • Meet with a licensed mortgage broker (like us!) to assess your financial situation.

  • Discuss goals, budget, and loan options.

• Step 2: Pre-Approval

  • Submit income, credit, and asset documentation.

  • Receive a pre-approval letter showing your buying power.

• Step 3: House Hunting

  • Work with a real estate agent to find a property within your budget.

  • Use your pre-approval to strengthen offers.

• Step 4: Loan Application

  • Once under contract, submit a formal mortgage application.

  • Choose your loan product and lock your interest rate.

• Step 5: Underwriting

  • The lender reviews your financials, property appraisal, and title.

  • Additional documents may be requested.

• Step 6: Closing

  • Review and sign final documents.

  • Pay closing costs and receive the keys to your new home!

3. Common Pitfalls to Avoid

• Not checking your credit early

• Making large purchases during underwriting

• Skipping pre-approval

• Choosing the wrong loan type