How to navigate your Mortgage Journey

Written in collaboration with Urban Ignite – June 9th, 2018

If you’ve done any reading online about applying for mortgages, you’d be forgiven for wanting to run in the other direction. You’re probably asking yourself, “where do I even start? How can I be sure I’m following all the steps correctly?” At times, you may even be wondering if you need a degree in accounting just to understand all of the jargon. However, when you have someone in your corner ready to break the process down in simple steps, you’ll find it can be easy to conquer your mortgage journey. With the emergence of financial tech, or fintech companies,  more and more people are taking their mortgage journey into their own hands, and the team at LoanVerify is here to help you understand how!


Step 1: Shop Lenders, Upload Documents, Secure Pre-Approval

In order to start a journey, you must make the decision to embark on it in the first place. Take some time, read up on the process, and start formulating an idea of what might be possible for you. One of the most stressful parts of the process can be deciding which lender to begin with. Don’t stress! Lending focused fintech companies, like LoanVerify, have made the process of starting your mortgage journey more simple, efficient, and independent than ever. Many mortgage-related fintechs will follow steps similar to these, but LoanVerify offers unique features. First, download the app, answer 7 simple questions to help your loan advisors get acquainted with you and what you’re looking for in a mortgage. Don’t know yet? No problem! These 7 questions are a great place to start your brainstorming process. Then, take pictures of necessary documents, or choose to allow LoanVerify to electronically validate your records all with the touch of a button! Next, order and review your credit report with a loan advisor from LoanVerify, and you’ll be on your way to seeking pre-approval, the first benchmark in the mortgage journey. Give yourself a pat on the back and take a deep breath. By starting with and prioritizing pre-approval, you can look forward to real estate agents and the sellers of properties taking you seriously. When they are confident in your financing, you can be confident that you are prepared to get into the home you desire.


Step 2: Utilize the Mortgage Calculator Feature Built Into the App to Know Your Payment on the Fly

So you’ve submitted all the important documents and have secured your pre-approval. See how easy it was? Now you’re ready to start shopping for homes. Your mortgage journey is like a road you’re paving for yourself. It is entirely unique to your life and dependent on what you want to see at the end of the road. One great way of smoothing the bumps in this process is utilizing a mortgage calculator to put your possibilities into perspective. The LoanVerify app, for instance, has an easy-to-use mortgage calculator, right on the home screen. Never question what the payment on your next home will be and know immediately what your numbers are. Feel your confidence growing by the minute? That’s the sensation of becoming an empowered mortgage shopper!


Step 3: Shop – Compare – Save!

The technology at your disposal can help you determine what lender best fits your circumstances. Now it’s time to take that information and bring it to your search for the best combination of rates, fees, and convenience. If comparing and contrasting different offers from a plethora of lenders feels like a major headache, then LoanVerify’s in-app comparison tool is like aspirin and a cold glass of water. View the information side-by-side to see all your opportunities bloom. This helps you, as a prospective homebuyer, weigh all the information so you can make smarter decisions that prioritize your personal needs. Properly comparing each facet of your mortgage offers is imperative. Oversights that seem small could result in you unnecessarily spending thousands of extra dollars at closing and/or over the life of the loan.


Step 4: Move towards settlement and into the home you want

So, you’ve calculated what options work best for you? Check! Found the right lender to help you obtain a mortgage? Check! You have ordered credit, provided documents, and secured a pre-approval? Check! Then, being the savvy and informed shopper you now are, you have found a home and had an offer accepted! Now is when you will have received your home purchase contract and have selected a loan program. At this point, things move quickly. You have home inspections completed. Cleared? Good. Order your appraisal. Home value sufficient? Stellar.


Let’s take the final steps.


You’ll get any final documents needed by the lender, they will ensure you still have a job and set a date to settle on the home. Closing is the industry term for securing the mortgage in writing, and it is the last step in the financing process. It can be a lot to digest, which is why it is especially handy that the LoanVerify mortgage app features a live loan advisor. Several days before closing they will review your closing disclosure (a document showing final numbers) with you to ensure that everything is understood. Once both sides get together and sign the many dotted lines on the closing documents, pop the champagne! You’re a homeowner now!


Often times, financing a home can be presented to you as a complex process that is frustrating and convoluted. The team here at LoanVerify wants to put the power back in your hands with our free app. You set the pace and tone of the entire process. The technology offers a mortgage calculator and the ability to compare side-by-side loan options. Still overwhelmed?  Still, want advice from a qualified professional? Use the app to message a LoanVerify loan advisor for that extra assistance you desire. Download the app for free today and make empowered mortgage decisions.

Loan Verify Inc. is a Equal Housing Lender. NMLS #1550836. Pre-Approval is not guaranteed and is subject to credit terms and conditions. This blog is for educational purposes.