Embarking on the journey to homeownership is an exciting yet intricate process. Whether you're a first-time buyer or looking to upgrade, understanding the loan approval process can ease your path to securing your dream home. This guide lays out each crucial step, from the initial prequalification to the final closing, providing a clear roadmap for prospective homeowners.
Loan Prequalification
The path to securing your loan begins with our short and simple prequalification application.
Documentation
Provide the paperwork needed to support the information given during the prequalification process including all income and asset documentation.
House Hunting and making an offer
Your REALTOR® partner will work closely with you to find the home that aligns with your lifestyle and fits within your financial goals. They have the education and experience to provide you with the neighborhood knowledge, market conditions, and price guidance to negotiate confidentiality on your behalf.
Loan Application
Once under contract, you will complete a formal loan application, receive initial disclosures, and indicate your intent to proceed with the mortgage process.
Processing
During this step, your First Federal Bank Loan Processor will review your loan file in detail to notify you of any additional documentation needed.
Underwriting and Approval
Your Loan Underwriter will analyze your loan application to ensure it is compliant with all Federal, State, and Agency guidelines.
Closing
As part of the final step, your Loan Closer will send you the closing disclosure, which includes the final settlement figures and total funds needed for closing.