VanDyk Mortgage Corporation

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Mortgage Roadmap

Road to Homeownership

Our mortgage roadmap lays out the 6 steps in your mortgage process.

1. Submit Your Application

3 Ways TO APPLY

       - Online, Over the phone, In person
Documents are requested

2. Get Pre-Approved so You Know How Much You Can Afford

Now you can search for homes
Documents are requested

3. Your Loan is Submitted

Once your offer is accepted your loan package will be sent to you for signatures.  All documentation is sent to underwriting for approval.

We will order:
       - Appraisal & Employment Verification

4. Your Loan Gets Conditional Approved

Underwriting has reviewed and conidtionally approved based on the receipt of additional documentation.

5. Preparing for Final Approval

A loan processor reviews all materials for closing and sends them to the title company.  Your loan officer prepares you for the closing process.

6. You Made it to Closing!

A title company prepares documents. You review and sign all the documents to finalize the transaction. Welcome home!

Key Mortgage Terms You Should Know

Understanding key mortgage terms is essential as you navigate the homebuying process. Knowing these concepts will help you make informed decisions and avoid surprises along the way. Here are some of the most important terms:
Mortgage Terms and Concepts:

Down Payment

The initial payment made when buying a home, usually a percentage of the total purchase price.

Interest Rate

The cost of borrowing money for your mortgage, expressed as a percentage. Lower rates mean lower monthly payments and less paid over time.

Amortization

The process of paying off your mortgage through regular payments, covering both the principal and interest.

Credit Score

A number that indicates your creditworthiness. A higher score typically leads to better loan terms.

Closing Costs

Fees and expenses incurred during the homebuying process, such as appraisal, title insurance, and attorney fees. These are paid at closing.

Escrow

A separate account managed by a third party to hold funds for property taxes and insurance, often included in your monthly mortgage payment.

Key Players in the Homebuying Process

Understanding the roles of the key individuals and entities involved in the homebuying process is essential for a smooth and successful experience. From securing a mortgage to ensuring the property is in good condition, each player is crucial in guiding you through the journey. Here’s a breakdown of the main players you’ll encounter:
Key Players in the Homebuying Process:

Loan Officer

A professional who helps you obtain a mortgage, guiding you through the application process and securing the best loan terms.

Appraiser

An expert who assesses the value of the property, ensuring the purchase price aligns with the home’s market value to prevent overpaying.

Title Company

A company that verifies the property’s title is clear and legally transferable to you, providing title insurance and handling the closing process.

Home Inspector

A qualified professional who inspects the home for potential defects or issues, providing a report on the property’s condition.

Real Estate Agent

A professional who represents you in the homebuying process, helping you find properties, negotiate offers, and navigate the transaction.

Mortgage Underwriter

An individual who evaluates your loan application, assessing risk and ensuring all necessary requirements are met before approving or declining the loan.