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What Does the
Loan Process
Look Like?
Navigating the Steps to Homeownership
01

Pre-Approval

Getting pre-approved is a crucial step in the homebuying process. This step helps you better understand your buying power and your options. Not to mention, it makes you look even more serious to Realtors and sellers.
02

Loan Options

A mortgage consultant will work with you directly to find the best loan options for your specific needs. You will discuss options when it comes to your budget and timeline.
03

Applying for Your Loan

Once you and your mortgage consultant determine the right loan program for you, you will work together to get your documents ready. Your consultant might ask for things such as: outstanding debts, assets, and yearly income.
04

Submitting Paperwork

Part of your application will include important documents that can be submitted electronically. For example, two years of W-2's, two months of bank statements, and one month of paystubs.
05

Finding Your Home

Now you can start looking for your new home! It can be a challenge, but your dedicated consultant will be focused on your loan so that you can focus on finding your dream home.
06

Home Appraisal

In most cases, a home appraisal will be required. This is how we know the exact value of the home, ensuring you are not overpaying for your future home.

Breaking down the mortgage process.

Our Mortgage Consultants are here to help you navigate the homebuying journey before you even start.

What is your #1 piece of advice for first-time homebuyers?

  • Don’t get emotionally attached to a particular home. If the deal is right and gets accepted, then great! But if it financially isn’t the right move for you or your offers don’t get accepted that is perfectly okay. Do not get discouraged, just keep looking. You’ll always be able to find a new home that you like, and then once the offer gets accepted you can fall in love with it.
    Justin Harvey
    Branch Manager | NMLS# 2065345
  • Get pre-approved! Determine a realistic budget. Consider not only the potential monthly mortgage payment but also your existing monthly expenses. What will be needed for a down payment and closing costs? Knowing all of this before your home search will strengthen your position as a serious buyer!
    Debbie Vallejo
    Mortgage Consultant | NMLS# 1810490
  • Keep working on your credit! It’s important to pay your bills on time and minimize the amount of inquiries and new credit lines. The better your credit score, the more buying power you have.
    Larry Nutt
    Branch Manager | NMLS# 1228056
  • Don't let high interest rates scare you off from finding your dream home within your budget. Remember, you're always making a mortgage payment, so why not invest in yourself instead of paying rent to a landlord?
    Rick Baldwin
    Branch Manager | NMLS# 379683
  • Make sure you don't overspend on a home. I would recommend creating a budget before purchasing a home and using the advice of your loan officer and realtor on the amount you can afford.
    Dan Phillips
    Branch Manager | NMLS# 6518
07

Securing Home Insurance

You'll also be required to purchase home insurance that covers things like fires and other hazards. Depending on the location, you may also need flood insurance.
08

Getting Mortgage Insurance

Depending on your loan program, you may need mortgage insurance. The good thing is, your mortgage insurance can be filed as a tax deduction.
09

Loan Processing

After collecting your details, your mortgage consultant sends them to our processing team for review. The processor verifies accuracy and runs your application through automated underwriting before passing it to the underwriting team.
10

Underwriting

The Underwriter carefully reviews your application, ensuring completeness. They make the final decision on loan approval. If any information is missing, your mortgage consultant assists in resolving it as quick as possible.
11

Closing/Funding Your Loan

When your loan is approved, the closing documents are sent to the title company, funded by our team, and filed for records by the title company. You can close on your loan and receive the keys to your home!
12

Congratulations!

You are now a homeowner!
Breaking down the mortgage process

Don’t let your questions keep you from starting your journey home.

The mortgage process can be overwhelming and intimidating. Understanding what’s ahead of you can make things easier.

When should I get pre-approved?

The simple answer: Before you start looking at houses. Taking the step of getting pre-approved early in the process sets you up for success later. This step is your opportunity to learn more about your homebuying options and power. Once you’re pre-approved, you can look at houses with confidence knowing you can afford the payment on a home. As a bonus, being pre-approved means you can move fast once you do find the home you want to purchase. 

What documents do I need to apply for my mortgage?

The documents you need for your mortgage application will vary depending on the loan program you are applying for and your unique situation. However, you’ll need, at the very least, these documents:

  • Driver’s License or State Issued Photo ID 
  • Last Two Years of Tax Returns and W2s or 1099s 
  • Pay Stubs from the Most Recent 30-Day Pay Period 
  • Two Consecutive Months of Bank Statements 
  • Your Most Recent 401(k) Statement, if Applicable
How much do I need for my down payment?

Your down payment is determined by several factors like your purchase price, your loan program, and your goals. 

A higher down payment certainly has it’s advantages like eliminated PMI and reducing your overall monthly payments, BUT it isn’t necessarily a requirement. You may qualify for up to 100% financing or a loan program that offers down payments as low as 3%.

What is debt-to-income ratio?

Debt-to-income ratio or DTI is something mortgage lenders use to help determine how much more debt you can take on. Your DTI is a comparison of the amount of current debt you have to your income.  

Your current DTI will help determine what loan programs you qualify for and has an impact on your credit score.

What credit score do I need?

Your credit score plays a big role in the mortgage program you qualify for and impacts your mortgage interest rate.  

Each program has different qualifications when it comes to credit scores. Working with a Mortgage Consultant is the best way to determine the credit score you need for your future mortgage.

How fast can I get a mortgage?

At GVC Mortgage, we average clear-to-close in 20 days or less and depending on the loan program, we can help you close in two weeks or less.  

The mortgage process can be unpredictable at times but our Mortgage Consultants do everything they can to help mitigate the stress and keep you informed of every step.

Start your homeownership journey today.

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