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The Ebenezer Mortgage Solutions Home Loan Process

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Applying for a home mortgage can be a long and stressful process, especially for first-time homebuyers. But with Ebenezer Mortgage Solutions, that doesn't have to be the case. We will guide you through the process and do all the hard work so that you can purchase the home of your dreams. To help you know what to expect, here's a quick rundown of our home loan process.

Step 1: Consultation and Prequalification

The first step consists of collecting your full name, phone number, and email, along with other necessary documentation. These pieces of information will help us determine which mortgage program and payment options suit you best. The application process will only take a few minutes and can be done online, via email, in person, or over the phone.


At this point in the process, we will provide you with a prequalification letter. A prequalification letter is a document stating that a lender is most likely willing to lend you money. This document is important as most sellers require homebuyers to be prequalified before allowing them to make an offer.


Working with Ebenezer Mortgage Solutions means having a dedicated mortgage broker. Your mortgage broker will guide you throughout the loan process and help you select the best deal for you.

Step 2: Home Shopping

Ebenezer Mortgage Solutions can refer you to an extensive network of real estate agents who will help you find the right property for the loan amount approved.


Once you've decided on a house, your agent will help you make an offer to the seller and negotiate the purchase price. When both parties reach an agreement, your real estate agent will forward a copy of the sales contract to us. We will then establish a Loan Estimate and work up the required disclosures for you to review thoroughly. If you agree with all the statements, we will then proceed to the next step.

Step 3: Processing

We will gather documentation such as the Property Appraisal, Property Insurance, and Title Documents during this step, along with some additional information that the underwriter may require. This also includes verifying the information provided during the application stage and asking you to provide a written explanation for any derogatory credit items.


Your mortgage broker will then organize all documents into a complete loan package and submit it to the underwriter.

A: Appraisal

Most mortgage loans require a third-party appraiser to review the property and ensure that what you're paying for is its real value. Once the property has been evaluated, the appraiser will send a report back to us to review. We usually work with an appraisal company approved by the lender for this part of the loan process.

B: Property Insurance

Having property insurance is advantageous for both the homeowner and lender. Property insurance covers the cost of rebuilding or repairing your home in case of damages such as fire, hail, or theft. As for the lender, the insurance serves as protection for their financial investment in your property.


Your monthly mortgage payment would include your property insurance. Part of your monthly payment will go to an escrow account managed by your lender. Your lender will then pay the property insurance bill from the escrow funds.


As the homeowner, you have the right to select an insurance company to get the best package according to the lender's requirements.

Step 4: Underwriting

The underwriter is the key decision-maker in the loan process. They will review your loan package and determine whether you and the collateral are eligible for the loan program you have applied for. When the underwriter is satisfied with all the information provided, your loan package gets the final approval, and then it is moved to a "Clear to Close" status.

Step 5: Closing

Before the closing meeting, you will be allowed to review all documents related to the loan.


At closing, expect to be signing a large number of documents to complete your home purchase. Make sure you have read them before signing. Feel free to ask your mortgage broker if there is anything you do not understand in the papers.


Once all documents have been signed, your part in the loan process is done. The title company will send the documents back to the lender for a final evaluation. And if everything is in order, the title company will arrange for recording and funding.


And there you have it! The Ebenezer Mortgage Solutions home loan process. We hope this helps you better understand how a home mortgage works and prepares you for what to anticipate.

Are you applying for a home loan?

Let our mortgage brokers do the hard work for you. Call (813) 284 - 4027 today.
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