The Mortgage Purchase and Refinance Process Explained

As a trusted mortgage provider, we understand that the purchase and refinance process can be confusing and overwhelming. However, our team at MortgageDepot is here to guide you through every step of the way. In this article, we will outline the general process of both purchasing and refinancing a mortgage.

Purchasing a Mortgage:

• The first step in purchasing a mortgage is to get pre-approved. This will help you determine how much house you can afford and give you a competitive edge when making an offer.
• Once pre-approved, you can start house hunting and make an offer on a home.
• Once your offer is accepted, you will need to apply for a mortgage. At MortgageDepot, we offer a streamlined application process that can be completed online or in-person with one of our mortgage specialists.
• After applying, the lender will order an appraisal to ensure the property is worth the amount you are borrowing.
• If the appraisal comes back satisfactory, the lender will issue a loan commitment, which is a guarantee that they will provide you with the funds to purchase the property.
• The final step is the closing process, where you will sign all the necessary documents and pay closing costs.

Refinancing a Mortgage:

• The first step in refinancing a mortgage is to determine if it makes sense for your financial situation. This can include reducing your interest rate, lowering your monthly payments, or shortening your loan term.
• Once you have determined that refinancing is right for you, you will need to apply for a refinance loan. Our team at MortgageDepot can help you choose the right loan program for your needs and guide you through the application process.
• Like with a purchase mortgage, the lender will order an appraisal to ensure the property is worth the amount you are borrowing.
• If the appraisal comes back satisfactory, the lender will issue a loan commitment, which is a guarantee that they will provide you with the funds to refinance your existing mortgage.
• The final step is the closing process, where you will sign all the necessary documents and pay closing costs.

At MortgageDepot, we pride ourselves on providing excellent customer service and guiding our clients through every step of the mortgage process. Our team of experienced mortgage specialists can help you with both purchasing and refinancing a mortgage. Contact us today to learn more about how we can help you achieve your homeownership goals.

Connect with one of our loan consultants to learn more.