Prequalification to Closing
Take a moment to learn how the loan process works. You will be better at BB&T and feel more at ease knowing the steps involved. Your BB&T mortgage professional will also be available to answer your questions and guide you through each step.
1. Prequalification – Before looking for your home, contact a BB&T mortgage professional.
We can determine how much home you can afford before you begin your search. There are three areas we evaluate:
- Your income—How much you earn through your job and other sources of income
- Your debt and credit—The bills you pay and how well you generally pay them
- Your assets—Your savings
2. Home Search – Work with a real estate agent to find the home that is right for you. Determine if you want a preexisting home or if you want to build new construction. Have your requirements list ready so you know if a home fits your needs.
3. The Offer – Once you find the home you want, work with your real estate agent to develop your offer. Your agent will find comparable homes in the area to help you calculate the right number. Make sure your offer leaves you enough money to make necessary improvements to the home.
4. Mortgage Application – Once you have an accepted offer, it’s time to apply for preapproval. You can meet with your BB&T mortgage professional or apply online. At this point, we’ll determine which mortgage product suits you best, discuss interest rates and review the documentation needed to confirm your income and assets. View the application checklist to learn which documents are needed to finalize your loan.
5. Home Checkpoint – A few steps happen at this point: Your mortgage professional will order an appraisal to verify the home's value and also request the title search. At this time, you should schedule your home inspection. Home inspections are optional but provide you with a detailed evaluation of the house, including the soundness of the roof, electric, plumbing and air conditioning and heating systems.
6. Mortgage Review – During this time, we will review all the documentation you provided to support your income, assets and other details in a step called underwriting. Once the underwriter finishes and the home appraises at a value that supports the sale price, our goal is to provide you with loan approval and finalize your loan. While this is happening, you should work on securing your homeowners insurance. Proof of insurance will be required prior to closing.
7. Closing – We will give you the opportunity to review the closing statement in advance so you will know the exact amount for the certified check that you'll need to bring to closing. You will also need to bring identification, such as a driver's license, to present to the title company or attorney managing the closing. There will be a number of documents to sign, but once they are completed, congratulations will be in order. You will be the owner of your new home and the keys to that home will be handed over to you!