The Home Loan Process

Securing a loan to purchase a house can be overwhelming. Luckily, The SCORE Mortgage Group is here to help. Let our professionals guide you through the home loan process with ease and get you closer to purchasing that new home. Call The SCORE Team at (314) 607-5566 to discuss your home financing options today.

Home Loans from Start to Finish

1. PREQUALIFYING

Prequalifying for a loan is a term used to describe the process which determines the amount you can afford for your loan. It’s typically performed by a loan advisor or a loan originator. With the The SCORE Team, we can get you qualified in mere minutes.

2. APPLYING

The SCORE Team makes applying for the loan simple and hassle-free. Enjoy the convenience of applying in-person or over the phone and complete the process in less than 15 minutes.

3. APPLICATION PROCESSING

We need a few pieces of information in order to process your application like:

  • Two most recent pay stubs
  • Two most recent W-2s
  • Two most recent bank statements

One we have all the information, we’ll order a credit report and schedule a property appraisal for the home you want to purchase. We might also ask for a copy of the purchase contract with your other information.

4. HOME APPRAISAL

Once contacted, an appraiser will schedule a time with you or your real estate agent for a 15-minute home appraisal during which the appraiser will explore the interior and exterior of the property. After that, the appraiser will research comparable homes that have sold in close proximity to the home you want to purchase within the last six months.

5. UNDERWRITING

An underwriter is the person in charge of approving or rejecting the loan. If you’re not approved, don’t fret, we’ll present a counter offer if possible. For added convenience, The SCORE Team's underwriters are in-house, which means decisions are made quickly.

6. TIME TO CLOSE

During closing, you’ll typically meet at your title company to sign lots of paperwork and finalize the home purchase. You are always more than welcome to complete the closing process in our office too. The day before closing, a closer will contact you to ensure everything is in order between you, the real estate agent, homeowners insurance agent and other necessary parties.

7. MAKING YOUR FIRST PAYMENT

We’ve partnered with several major financial institutions for loan servicing. After the loan process is completed, a new financial institution will collect your first and subsequent mortgage payments, handle your escrow account and answer any questions you have about your mortgage.

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