Loan Process
OUR STEP-BY-STEP MORTGAGE PROCESS
Don’t let buying a home overwhelm you. Our simplified loan process makes it easy.
At Essential Mortgage, we want your homebuying journey to be as simple and efficient as possible. Just follow our four-step mortgage process, and your dream home is right around the corner.
BUYING A HOME WITH Essential Mortgage
With the Essential Mortgage team on your side, buying a home in Louisiana is easy. Here’s how it works when you apply for a home loan with one of our mortgage lending experts:
STEP 1: GETTING PREQUALIFIED FOR YOUR HOME LOAN
The first step in your homebuying process is to get qualified for a mortgage loan. To do this, you’ll fill out our online application or speak with one of our loan officers. We’ll just need the following information:
- Your income
- Your monthly debts and obligations
- Basic information about the property you hope to buy
We will also need your permission to run a preliminary credit report. With this information in hand, we’ll assess whether you’re a strong candidate for a mortgage loan, and if so, we’ll determine the maximum loan value you’ll likely qualify for. We’ll detail all this information on your official prequalification letter, which you can use to help guide your home search. You can also include your letter in any offers you submit, as it can help you stand out from other Louisiana homebuyers.
STEP 2: APPLYING FOR YOUR MORTGAGE LOAN
Once you’ve found that Louisiana dream home, you will need to complete our full mortgage loan application either online or through one of our loan officers. You’ll also need to provide a variety of documents regarding your finances, employment and assets, so be sure and have those organized and ready to go.
STEP 3: PROCESSING AND UNDERWRITING YOUR HOME LOAN
The next step is in our hands. We will order an appraisal, title search and survey for your property, and we’ll verify your work status with your employer. Along the way, we may ask you for additional documentation to verify your application details. If this happens, try to respond promptly to avoid delaying your loan.
Your Essential Mortgage process will then review your application, credit report, monthly debts and repayment history, and they may ask you to provide a written explanation for anything that might cause concern. Once these explanations are received, your file will be sent to our underwriters to process and finalize your loan.
STEP 4: CLOSING ON YOUR Louisiana HOME
After our underwriters have fully approved your mortgage loan, you’ll be cleared for closing and given a specific closing appointment to attend. Generally, you can expect this date to be four to five weeks after submitting your application.
At your closing appointment, you will sign the sales paperwork and pay your down payment, closing costs and other up-front fees (typically via wire payment). Once these funds are transferred, you’ll receive your keys and are free to move into the home. Congratulations, you are now a homeowner!
Essential Mortgage YOUR DEDICATED MORTGAGE LENDER FOR LIFE
Even after your loan is closed and you’ve moved into your dream home, we’ll continue to have your back. At Essential Mortgage, we’re committed to being your lender for life, so if you ever have questions, concerns or just need guidance along the way, our team is here to help.
Do you need more help in understanding the mortgage process? Are you ready to get prequalified or start your home loan application today? Contact Essential Mortgage today.