Working out the finances for your home can be a little intimidating. Martin Custom Building is here to help.

Loan Application
The first step in the mortgage process is meeting with a lender and completing a mortgage application. The mortgage lender will be looking at your personal and financial information as it relates to your mortgage application. When you contact your lender, you’ll be given a list of items to bring to the initial meeting, including the purchase agreement for your new home; personal and financial information, including income statements, asset and liability information, bank account numbers and balances; and other information pertinent to your application.

Loan Underwriting and Approval
During the loan underwriting period, your lender may request further information. When all the information, forms and reports are returned to the lender, which typically takes a few weeks, your lender will contact you regarding loan approval, loan amount, pre-qualification and any contingencies to the loan.

Preparing for Closing
Between the time your loan is approved and the date of your closing, any significant changes in your financial circumstances may impact your loan approval. If your closing occurs more than 30 days after your loan approval, the lender may order an additional credit report prior to the closing date. Changes in your financial circumstances, for example, the purchase of a new car or an increase in credit card debt, appear as new liabilities on your updated credit report. Such changes may cause your lender to reconsider your approval. For this reason, it's best to refrain from such purchases until after closing.