The Homebuying Process
Buying a home is one life's biggest milestones and we're here to make it smooth, simple, and stress-free. Whether you are a first-time home buyer or moving into the next chapter of your life, our team will guide you every step of the way. Explore what to expect in the homebuying journey with our seven-step home buying process:
Step 1: Mortgage Pre-Qualification
Pre-qualification gives you a clear picture of your borrowing potential before you start house hunting. We will review your income, assets and credit history to confirm your ability to repay the mortgage and cover the necessary closing cost.
Step 2: Considering Your Home Loan Options
We offer a variety of home loan options to meet your unique financial needs. Your loan originator will guide you through the process, help you choose the best option, verify your financial details then lock in your mortgage interest rate.
Step 3: Processing the Home Loan
Once your offer has been accepted on your new home your loan originator will begin processing your home loan. During this time your employment is verified, and a residential appraisal is ordered to determine the property value. Title work is ordered from the title company, and any additional documentation and insurance information is collected.
Step 4: Mortgage Underwriting
Using the gathered data, documents and appraisal, underwriters will determine whether the home loan presents an acceptable level of risk and meets all required guidelines for the loan program. This process is broken into two steps: initial conditional approval and the final decision.
Step 5: Closing Documentation
Before closing, we conduct a final quality assurance check to ensure everything is in good order. Our closing department will prepare your closing instructions then verify the homeowner’s insurance and tax certificate. Your closing date and time are confirmed and closing documents are created and sent to the title company.
Step 6: Home Loan Closing
During most home loan closings, the borrower receives an approved closing disclosure (CD) three business days before the closing date. In some states eSign is permitted, but typically borrowers sign at the title company. Funding to complete your mortgage transaction is sent in the form of a cashier’s check or wired funds to the title company, completing your new home loan.
Step 7: Mortgage Loan Servicing
Even after closing, Sunflower Bank remains committed to supporting you. We will service and manage your loan balance, handle escrow payments for property taxes and insurance (if applicable), and send you important tax and interest-related statements (1098 Statement) each year.
Mortgage Education Center
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Ready to Get Started on Your Homebuying Journey?
Reach out today to connect with a local mortgage lender and take the first steps toward your new home.
For further questions, contact us at [email protected] or call 800.331.4799.