Before you apply
There are several things you'll typically do before applying for a mortgage:
- Choose a lender
- Get prequalified
- Find a home
Once you've found a home that fits your budget, you're ready to begin the mortgage loan process in earnest. Your top priority will be to meet with a mortgage professional or go online to get started.
You should be working in parallel with your real estate professional to obtain an accepted Offer to Purchase Contract for the home you have selected.
Applying for the loan (2 to 4 weeks)
With just a few pieces of data—including your name, Social Security number, income, property address to be financed with an estimated value and your requested loan amount—your mortgage professional will be able to take your loan application and provide a loan estimate and other required initial disclosures for your review.
In order for the lender to move forward with the application process, you need to let your mortgage professional know of your intent to proceed.
Once the lender receives your intent to proceed, you'll be presented with a list of items and documentation needed to complete your mortgage request.
Here's a list of helpful information to gather for the processing of your mortgage request:
- Primary residence address for the past 2 years, including landlord name and address or lender name and loan number
- Name, address and phone number for each employer for the past 2 years
- Gross monthly income, year-to-date pay stub and W-2 forms for the past 2 years
- Checking, savings, investment and retirement account bank statements for the past 2 months
- Debts—name, address, account numbers, balance and monthly payments on all outstanding loans and credit cards
- Loan information, market value and addresses on all real estate owned
- If you have rental property, a copy of your lease
- If you are self-employed, signed tax returns for past 2 years with all schedules
- If you earn commission, interest or bonus income, signed tax returns for the past 2 years with all schedules
- Completed signed Offer to Purchase Sales Contract
- Veterans—DD 214 and Certificate of Eligibility
- Picture ID and Social Security card
When you begin your application, your mortgage professional should be able to give you an estimated timetable for the mortgage approval process. In the next few weeks, a number of actions with varying timeframes will take place:
- Home inspection
- Preliminary title opinion
- Loan underwriting
Please note that home inspection requirements vary with loan programs. If a home inspection is not required for the loan program you have selected, we recommend that you order and obtain one for your own protection.
Loan approval and closing (1 to 2 weeks)
Once the home is appraised and underwriting is completed, you'll receive notification that your loan has been approved. A few things will take place before closing:
- Loan is finalized
- Homeowners insurance is secured
- Closing documents are prepared
- Date for closing is established
These final actions take 1 to 2 weeks. On closing day, you'll sign all the necessary documents and receive the keys to your new home!
Keep it up. You're getting smarter about home buying.
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See the big picture of buying a home, from prequalification to closing.
Loans, lines of credit and credit cards are subject to credit approval.
All BB&T mortgage professionals are registered on the Nationwide Mortgage Licensing System & Registry (NMLS), which promotes uniformity and transparency throughout the residential real estate industry. Search the NMLS Registry.
Branch Banking and Trust Company is a Member FDIC and an Equal Housing Lender.