Mortgage Process
in Arizona

Your Guide to the Mortgage Process: From Pre-Qualification to Closing

step 1.

Find out how much you can borrow

The first step in purchasing a new home is to get pre-qualified. This crucial first step helps you understand how much you can borrow, the necessary down payment, required documentation, and the overall price range for your new home. Establishing a budget during the pre-qualification process is also essential.

Getting pre-qualified involves checking your credit history and obtaining your credit scores. It also involves verifying your income and assets.

Securing a mortgage can often feel like an intricate process, and that’s where the experienced team at Scout Mortgage comes in. We’re dedicated to helping you navigate potential pitfalls and avoid costly mistakes, ensuring a smooth and efficient process.

  • Establishing a budget
  • Defining the price range for your home search
  • Providing a stronger, more competitive offer to the sellers
  • Facilitating a quicker close of the transaction
  • Offering peace of mind and reduced stress

A key element of getting pre-qualified is to complete a Mortgage Loan Application.

The mortgage loan application provides details concerning the loan you desire and an overview of your current financial position. At first glance, the application can look overwhelming, but in reality, only basic information is needed. To complete the application the following information is needed:

  • A two-year history of where you have lived and worked.
  • Current Income
  • Listing of all Real Estate Own
  • If you are purchasing a new home, the source of your down payment
  • Personal Information – Social Security Number, Date of Birth, Email Address and Phone Number.
  • Personal Declarations (a series of Yes or No questions)

After filling out the loan application, an experienced loan officer should review it. The team at Scout Mortgage can help fill in any missing information as well as look for potential red flags and potholes that can delay the approval or even lead to a loan denial.

step 2.

Shop for a House

Now that you are pre-qualified for a mortgage loan, you are ready to start searching for a new home. Scout Mortgage will provide your Realtor with a Mortgage Pre-Qualification form, which you’ll include with your formal offer when you find a property you wish to purchase.

step 3.

Submit Loan Application for Underwriting

Once your offer to purchase a home is accepted, it’s time to submit your loan application for underwriting and final approval. The underwriting process involves verifying the information on your loan application, obtaining an appraisal and reviewing title documents to ensure a smooth transfer of ownership.

  • Two years of Federal Tax Returns (Personal & Business if applicable)
  • Two years of W-2 Forms
  • Two current pay stubs
  • Two months of Bank Statements

step 4.

Finalize the Sale

The last step in the home buying process is to finalize the sale. This step includes signing loan documents and other legal paperwork that transfer the title of the property to you, as well as transferring your down payment funds to the title company.

Calculate How Much Your Mortgage Could Be.