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Wayzata MN Buyer's Guide to Home Loans & Payments

The Loan Process

Bright white kitchen with a large island, place settings, and dark bar stools.

Step 1

Set up a meeting with your loan officer to fill out the loan application. After you provide the required documents, a credit report will be ordered by the loan officer.

Bright dining room with a round wood table, brass chandelier, and large windows overlooking trees.

Step 2

Your application is processed. The title work (assuring that your new home has a legal title) and appraisal (determining property value) for your new home are ordered.

Backyard patio with a stone fireplace and wicker seating arranged around a coffee table.

Step 3

Once the title work and appraisal of your new property are completed, these documents are added to your application file. All of your information is then sent to underwriting. This is where your application is approved, denied, or additional information is requested.

Modern two-story home glowing at dusk, reflected in a lily-pad pond beneath mature trees.

Step 4

Once approved for your loan, your information is forwarded to the closing department. Documents and instructions for closing the sale of your new property are prepared and sent to the title company handling your closing.

Bright mudroom with built-in white cabinetry, a cushioned bench, and a large window.

Step 5

The closing. Final documents are signed, funds are disbursed and payments (as they spelled out in the terms of your mortgage loan) begin.

Your Mortgage Payment Insights

Estimate your mortgage payment, including the principal and interest, taxes, insurance, HOA, and PMI. Add your location for more accurate estimates.

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