The Mortgage Process

Frequently Asked Question

What Is the Home Purchase Process?

4 Minute Read

Getting a mortgage can be a stressful process, especially if you’re a first-time home buyer. That’s why at Churchill Mortgage we emphasize communication.  It is our mission to help you save time and money, and avoid the common pitfalls that many first-time home buyers experience when they don’t get expert advice in advance.

To make sure you feel confident through all stages of your mortgage experience, your Home Loan Specialist will work with you to build a smarter mortgage plan that guides you every step of the way.

Here’s an easy-to-understand view of the home loan process.

Step 1: Origination

Loan origination is the process of applying for a home loan. Once you get your loan estimate (which tells you the important details about the loan you’ve requested) you’ll decide whether you want to move forward with processing or not.

• Submit an application
• Become a Certified Home Buyer or get pre-approved
• Search for a home
• Sign a contract on the home
• Get a loan estimate 

Step 2: Processing

Once your application has been submitted, your mortgage will begin to be processed. The processor will order your credit report, title report, and appraisal and you’ll be asked to:

• Gather requested documents for asset and employment verifications
• Request third-party services such as the home inspections and surveys

Step 3: Underwriting 

Once the processor has put together your file with all of the documentation, it is then sent over to underwriting for final approval.

• The underwriter will figure out if more information is needed
• Once all conditions are approved, the underwriter issues the “clear to close” 
• Keep in mind, a lot of this can be done earlier in the process if you use up-front underwriting by becoming a Churchill Certified Home Buyer

Step 4: Closing

Once your loan is approved, your file is transferred to the closing department where your closing disclosures will be process, your closing day will be scheduled, and your loan is funded.

At the closing of your home you should:

• Bring a cashier’s check for your down payment and closing costs, if proof of insurance
• Review all of your final loan documents
• Sign the loan documents

If you have questions about the process of purchasing a home, let us know. We’re here to help! Or if you’d like to apply online and quickly start the process, we’ll have a Home Loan Specialist get back to you about your application status right away.

*The Churchill Certified Home Buyer program is not a commitment to lend funds and is not an approval but is a conditional approval subject to your acceptance of the terms and the conditions being fully satisfied prior to closing. All conditions are subject to final underwriting and final investor approval. The certification is subject to the financial status and credit report(s) of everyone on the application remaining substantially the same until closing, an acceptable contract of sale on a suitable property, collateral (the appraisal, title, survey, condition, and insurance) satisfies the requirements of the lender and loan selected is still available in the market. All closing conditions of the lender must be satisfied including the clear transfer of the title, acceptable and adequate title and hazard insurance, flood certification, and any inspections that are required by the real estate contract.