Steps to the Perfect Loan
Mortgages are intimidating, especially if it’s your first time buying a home. However, when you break it down step by step, the path to homeownership is not that hard. And at Guaranteed Rate, we make the whole process easier — to help simplify the process of one of life’s most significant purchases. We made a road map to show you how easy it can be.
Step 1: Give e-messaging consent
By accepting the electronic consent form sent by email, our loan officers are given permission to send files safely and quickly via email. This helps get the ball rolling and speeds up the process for everyone helping with your mortgage application.
Step 2: Send required documents
Safely and securely send any documents asked for by your Mortgage Consultant through our TransferSafe system.
Step 3: Sign your initial application
Confirm your applications by eSignature when the Mortgage Consultant sends it to you virtually.
Step 4: Receive your preliminary loan approval
Once your conditional approval has been issued, your Loan Coordinator will send you the preliminary loan approval. Now is a great time to start looking at homes and having them appraised.
Step 5: Finalize your homeowner’s insurance
Found your home? Great! Now get insurance for it. Find an insurance company you like or use your Loan Officer’s recommendation and apply for homeowner’s insurance. The insurance company will need to see a copy of your preliminary loan approval info. Before you sign anything, make sure your homeowner’s insurance is effective on the day of closing.
Step 6: Send any outstanding documentation
Sometimes there is missing info that needs to be confirmed. Send any requested documentation or forms requested by the loan coordinator through TransferSafe.
Step 7: Confirm appraisal report
Review the appraisal report receipt and confirm there is no structural damage or other red flags on your property. If you see anything you don’t like, let your real-estate agent and Loan Officer know.
Step 8: e-Sign the preliminary closing disclosure
You’ll receive this from the Mortgage Consultant. This disclosure will contain your initial estimate, so you’ll know how much money you’ll need for your closing.
Step 9: Review Final Closing disclosure
Once you approve your Final Closing disclosure, wire your required funds to the title company. You can also obtain a check made payable to your title company/closing attorney.
Step 10: Celebrate!
Congratulations — you just became a homeowner! Show up to closing, sign the papers, and you are good to go.
And that’s all it takes! You can also rest easy knowing that our team of dedicated mortgage experts is just a call or email away. They will handle any inquiry or issue during the loan process with speed and grace.