Before embarking on your house-hunting journey, it's essential to familiarize yourself with the home mortgage process. Here's a step-by-step guide:
Step 1: Get Pre-Approved Ensure you start the process by getting pre-approved for your home loan.
Step 2: Get Set Up with an Experienced VA Realtor in Your Area Connect with an experienced VA Realtor who understands the intricacies of the VA home loan process.
Step 3: Start Making Offers/Get Offer Accepted Once you find the right property, make offers and work towards getting your offer accepted.
Step 4: Open Escrow Initiate the escrow process to secure the transaction.
Step 5: Lock Interest Rate/Have Merchants Order the VA Appraisal Secure your interest rate and have Merchants initiate the VA appraisal process.
Step 6: Sign Loan Estimate Along with Other Initial Govt Required Paperwork Complete necessary paperwork, including the Loan Estimate and other initial government-required documents.
Step 7: Loan Processor Submits the File to the VA Underwriter for Approval Your loan processor submits the file to the VA underwriter for review and approval.
Step 8: Underwriter Approves Loan – Provide a List of Any Additional Items Needed Before Closing Upon approval, the underwriter may request additional items before finalizing the closing details.
Step 9: Appraisal Report Received and Signed Off by Underwriter Ensure the appraisal report is received and approved by the underwriter.
Step 10: Closing Disclosure Emailed to Be Signed (Closing Disclosure Should Mirror the Initial Loan Estimate) Review and sign the Closing Disclosure, which should align with the initial Loan Estimate.
Step 11: Merchants Sends the Closing Documents to the Escrow Company 3 Days After the Closing Disclosure is Signed Merchants sends the necessary closing documents to the escrow company, adhering to the timeline set by the Closing Disclosure.
Step 12: You Sign and Arrange with the Escrow Firm to Sign the Closing Documents Either at Their Office or They Will Send a Notary to a Convenient Location for You Coordinate with the escrow firm to sign the closing documents, either at their office or through a notary at a location convenient for you.
Step 13: The Escrow Firm Sends Merchants the Signed Closing Package (Either Electronically or by Overnight) The escrow firm sends the signed closing package to Merchants, either electronically or through an overnight delivery service.
Step 14: Merchants Wires the Funds to Escrow Funds are wired from Merchants to the escrow account.
Step 15: The Loan Funds and Then Is Recorded with the County The loan funds, and the transaction is officially recorded with the county.
Step 16: The Transaction Is Now Closed, and You Receive Your Keys With the completion of these steps, the transaction is closed, and you receive the keys to your new home.
