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Step One: Get a pre-approval
Before beginning your home search, it’s wise to meet with an Oklahoma mortgage lender to obtain a mortgage pre-approval. A pre-approval letter not only strengthens your offer but also helps it stand out, particularly in situations where sellers are reviewing multiple offers.
During the home loan process, your lender will assess key financial details such as income, assets, debts, and credit to determine how much you qualify for. This typically involves pulling a credit report and collecting documents like W-2s, recent pay stubs, tax returns, and bank statements.
There are various home loan programs available, each offering different benefits based on your financial goals and situation. Your Oklahoma mortgage lender will explain these options and assist you in choosing the loan that best fits your needs, paving the way for a confident and successful home purchase.
Step 2
Monthly Mortgage
Estimate your mortgage payment, which encompasses the principal and interest, taxes, insurance, HOA fees, and Private Mortgage Insurance. Understanding the home loan process is crucial, especially when considering how these costs are calculated. When you purchase a home, your monthly mortgage payment typically combines principal, interest, property taxes, and homeowners insurance. These expenses are often managed through an escrow account, ensuring that you aren’t required to pay taxes or insurance separately. Additionally, obtaining a mortgage pre-approval from an Oklahoma mortgage lender can help you better understand your financial commitments.
Step 3
APPLICATION AND PROCESSING
Once you’ve found the right home and your offer is accepted, your Oklahoma mortgage lender will guide you through the full mortgage application as part of the home loan process. During this step, you’ll review down-payment options, loan terms, and any associated fees.
Your loan file is then submitted for processing, where all financial documents are carefully reviewed.
At the same time, the lender will order a home appraisal and title search to verify the property’s value and ownership history.
Next, the file is sent to underwriting, where the underwriter evaluates the loan to ensure it meets lending guidelines and compliance requirements.
It’s common to receive requests for additional documents or clarification during this stage, and timely responses help keep your closing on track. If you haven't done so already, securing a mortgage pre-approval can streamline this entire process.
After your loan is approved, you’ll secure homeowners insurance and your documents will be sent to a local title company to schedule closing. At closing, you’ll sign final paperwork and pay any remaining closing costs. Once recorded, the sale is complete and you officially own your home!
