1. Complete your mortgage application
First, you'll be required to complete an application, including information about yourself and the property. Depending on your lender, you may be able to complete your application over the phone, online or in person.Start Purchase Application
2. Provide your consent to proceed
After you apply, you'll need to provide your consent to proceed, giving your lender permission to move forward with your application.
3. Submit your required documents
Your lender will also need documentation that verifies the information you supplied on your application. These documents typically include:
- Signed disclosures
- Bank statements
- Pay stubs
- Proof of down payment
- Tax returns
- Details of your employment
If you send these documents via email, Citi recommends using SecureZIP to protect any sensitive data they might contain.
4. Get a Loan Estimate
A lender is required by law to provide a Loan Estimate within 3 days of receiving a loan application. This document estimates the fees and closing costs for your loan such as appraisal and origination fees as well as title work. It also summarizes your loan terms and monthly payments.More about costs of getting a home mortgage
5. Get a home appraisal
Before approving your loan, your lender will order a home appraisal to get the property's estimated market value. The appraised value is based on several factors, including:
- The number and size of the rooms
- The property compared to homes that have recently sold in the area
- Amenities or characteristics, that could affect the value
Your lender will consider the appraised value when determining the amount and terms of a mortgage.
6. Receive a final decision
After you submit your mortgage application, provide your consent to proceed and supply any requested documentation, your mortgage loan officer will forward your paperwork to a loan processor, who will prepare and review your loan. An underwriter will then review your completed application to make a final decision based on the lender's criteria.
7. Close your mortgage
Once you've received final approval, you're ready for closing. During closing, you'll review and sign your closing documents and also pay the costs of processing your loan application.
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