New Purchase Refinance Debt Consolidation
Mortgage Process Buyer Checklist Mortgage Terms

The Mortgage Process

Step 1. Pre-Approval

If you haven't already found a home, contact Kelly Advantage Mortgage Corp to find out how much you can borrow. Call us at 570-374-7447 or toll free in PA at 1-877-493-0033.

Step 2. Find the right home

Finding the right home can be a wonderful adventure. Often, the advise of an experienced mortgage professional can help guide you on the journey to the home of your dreams.

Try to write a list of the things that are most important to you. To stay within a price range that you can afford. It helps to distinguish between the things you want and the things you really need. Prioritizing the items on your wish list will help you and the Sales Agent you work with to find the house you can afford that comes closest to fitting your criteria.

Kelly Advantage Mortgage Corp. has prepared a Home Buyers Checklist to assist you in keeping track of the many houses you will visit during your search. Print out and make copies of this form to take along when you look at new homes. By checking the specific features of each house you visit, you will find it easier to compare your choices when your ready to make your final decision.

Step 3. Before you apply

You'll get a good head start in the application process by gathering the documents you'll need for your final application while you're still looking for your new home. You can use the applicant's checklist to be sure you have the correct materials.

You will need to obtain the records that will be used to verify your income, savings, and debts, as well as, social security number or evidence of permanent residency. This way there won't be any delays when you're ready to make your purchase.

This may be a good time to explore insurance coverage, including homeowners, flood and title protection.

Step 4. Applying

For information regarding rates, pre-approval or starting the application process, contact Kelly Advantage Mortgage Corp. Call us at 570-374-7447 or toll free in PA at 1-877-493-0033.

You can print out the official application and complete it for submission to Kelly Advantage Mortgage Corp. when you are ready to apply. If you have questions about applying call us.

Once your completed application is received, the information in it must be confirmed. For instance, to verify your salary, your employer might be contacted by mail or you may be asked to show stubs from recent paychecks.

A credit report will be ordered to review your credit history and an appraisal will be requested to determine the value of the home you expect to refinance.

Don't forget. Generally, you will be asked to provide proof of homeowners insurance as part of the mortgage process.

Step 5. Closing

The mortgage process ends with your closing or settlement. The closing process differs from state to state, but in most cases you will need to bring certain documents with you and should also expect to pay certain closing costs.

You may want to seek the advise of an attorney who will be able to advise you on the specifics of your situation and assist you at the closing.

The types of documents that might be required include things like a homeowners insurance policy. The closing costs would be for things like points, title insurance, transfer taxes, and other fees that may be charged. In some cases, the checks for closing costs must be certified so be sure to ask if you need to do this in advance.

Closing costs are different from case to case. Often these fees are estimated by assuming that the costs will range from 3% to 6% of the sale price of your new home. For instance, if the purchase price of your home is $200,000, then it is likely that the closing costs will range from $6,000 to $12,000.