What is the process for obtaining a mortgage?

The process for obtaining a mortgage generally involves several essential steps designed to help potential homeowners secure financing for their property purchase. First, it is important for the borrower to assess their financial situation, including credit score, income, and existing debts. This assessment allows one to determine the mortgage amount they can afford. Next, the borrower should shop around for different lenders, such as Alliant Credit Union, evaluating interest rates, loan terms, and fees. Once a lender is chosen, the borrower completes a mortgage application, providing documentation such as income verification, employment history, and information about the property being purchased. After submitting the application, the lender will conduct a thorough review of the borrower's financial background through the underwriting process. This step may include a property appraisal to determine its market value. If approved, the borrower will receive a loan estimate detailing the terms and costs. Upon agreeing to the terms, the borrower also needs to finalize the mortgage through a closing process, where all necessary paperwork is signed. It is recommended to consult the current web page for detailed information about mortgage products and services specific to Alliant Credit Union.