The Homebuying Process

Guiding your path to homeownership

At Summit Mortgage, we believe that this journey is more than just a series of steps – it’s an ascent towards your dream home. With a legacy of 30+ years in the industry, Summit Mortgage has been a reliable partner for countless families, helping them navigate the intricate terrain of the homebuying process.

Our comprehensive overview ensures that every step is well-defined, guiding you towards a seamless and successful home purchase. From the initial consultation to the exhilarating closing day, let us be your trusted guide as you ascend to the pinnacle of homeownership.

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  1. Initial consultation

  Find out how much of a home you can buy.

  Our experienced loan officer guides will review your income, assets, debts, and your credit to help you with an estimate for a home that fits your goals. You can also see how much home you could afford with our Mortgage Payment Calculator.

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  2. Pre-approval

  Make your offer tower above others in a competitive market.

  Your Pre-Approval is used by Realtors to get you the home you want. Get pre-approved and be a step ahead of other homebuyers. 
Ask about our Seller’s Choice Underwriting Guarantee to boost your offer to the top.

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  3. Find a home

  Find a home, make an offer, and sign a purchase agreement.

  Your realtor will assist you in finding a home, once you select a home you will make an offer through your realtor. If you have a Seller’s Choice Underwriting Guarantee letter make sure to attach it to your offer!

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  4. Home inspection

  Know what condition the house is in and whether there are issues that need to be addressed.

  Your Realtor will assist in finding a licensed home inspector to complete your home inspection. While not required, home inspections are always recommended since they identify any structural or safety concerns related to the home.

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  5. Loan application

  Finalize your loan application.

  This step will finalize the process you began at pre-approval stage; your loan officer will ensure all details of the application are still accurate and will also collect any remaining documents needed for underwriting.

  Together, we’ll review your disclosure package which includes your Loan Estimate. We want to you understand the loan’s terms, including closing costs. We’ll help you make sure you have everything you need to complete the loan process.

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  6. Initial processing

  Your loan is prepared for review, and if the time is right, we will lock in your interest rate.

  You’re getting closer. Your loan is being packaged for an underwriting review. Our Ascent app makes it easy to deliver the documents you need to complete this step.

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  7. Home appraisal

  What’s the home’s value in relation to similar homes in the area?

  The Home Appraisal determines the home’s value by looking at other similar homes in the area that have sold recently. This step of the process protects you and the lender from a situation where you are paying more for a home than what it is worth.

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  8. Underwriting

  Your information is reviewed for final approval.

  Underwriting reviews your income, assets, debt, and property details to issue final approval on your new home.

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  9. Closing details

  Here’s where you get all the finalized details about your loan and the title work for your new property.

  We will confirm your new monthly housing payment, communicate the funds needed for closing, and ensure you have a clear title to the property.

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  10. Final review

  The numbers are in, and we are here to help you understand them.

  You’re almost there. Our loan officer will walk you through the details and make sure you are ready to go!

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  11. Closing Day

  Welcome Home!