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The Mortgage Closing Process Explained

A couple shaking hands with a Rural 1st loan officer in front of their newly constructed rural home.

Whether you’re a first-time buyer or you’ve purchased before, the mortgage process can seem complicated. That’s why we’re here to walk you through it so you know exactly what you can expect when you work with our team.

Your first step in the mortgage process will be meeting your Rural 1st Loan Officer. During your initial meeting, they will learn more about you and your goals, discuss your financial needs, rates and what your payments might look like. They will also discuss the prequalification process, the right loan program and the entire application process.

After your application is submitted, we will start the documentation process, which is the most critical and may require you to gather some additional documentation for your approval. Your Rural 1st Loan Officer or Loan Associate will share a list of required documents, including:

  • W2's
  • Tax returns
  • Bank statements
  • Paycheck stubs

Collecting these documents is dependent on getting you to the next step in the process.

Your loan team will be working behind the scenes to coordinate a property appraisal to determine your home’s current market value if needed. They'll also have an underwriter review your file, borrowing amount, monthly payment and work with the title company to provide any documentation they require.

While you are in the process of closing on your home, it is recommended to refrain from making any major purchases. Wait until after you close to begin purchasing furniture or spending any savings. You will also want to avoid any changes to your employment status or making any changes in your career until after the loan is processed and closed.

Keeping your credit clean throughout the entire process is preferable.

  • Don’t apply for new credit cards, a car loan, transfer balances, pay off large debts or switch bank accounts until after you have closed your home loan.
  • Do not make any major changes or purchases until your mortgage has officially closed.

Along with not making any significant changes in your finances, it is also important that you are extremely diligent with making credit card, rent, vehicle or existing loan payments on time and in full.

Honesty is the best policy. Share as much as you can with your loan officer about your finances. Anything omitted will likely be discovered in the underwriting process and could cause major roadblocks later in the closing process.

Ask your loan officer about any questions unique to your situation. Communication and transparency are key to a successful and quick close.

Making your way to home ownership can be a long and detailed process. Your loan officer will be there to answer any of your questions and keep you on track to a hassle-free close.

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