Step 1

Happy House Hunting

With a Midland pre-qualification, you’ll know the price range you can afford. Midland makes it easy to get pre-qualified.

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Step 2

Sign Purchase Contract

You found the perfect home and it’s time to make an offer. If the purchase price is accepted by the seller, a purchase contract is signed and earnest money is held in an escrow account to show your commitment.

Step 3

Order Inspections and Home Appraisal

Inspections review the mechanical and structural aspects of the home and potential repairs needed. Repairs can be negotiated into the purchase contract as an addendum.

Home appraisals determine the value of the home.

Step 4

Mortgage Approval

A Midland underwriter will review the following to determine mortgage approval. Additional documentation may be required:

• Proof of Income
  • Last 2 years W-2’s
  • Most recent pay stub showing year-to-date income.
  • Proof of any additional income: Social Security, child support, etc.
  • If you are self-employed: Last 2 years tax returns with YTD profit and loss statement
• Complete Bank & Asset Statements for previous 2 months
• Purchase Contract and Addendums
• Photo ID or Resident Alien Card
• Legal Documents (divorce decree, trust documents)
• Title and Insurance Policies
  • After a title search is completed, a title company will issue a title insurance policy to protect the owner and mortgage company against possible ownership disputes.
  • The homeowner’s insurance policy will insure your home for the loan amount or the estimated cost to replace and provide proof of coverage to the title company.

Step 5

Loan Closing

At least three days before closing, you’ll receive disclosures containing all loan details. This allows time for you to review and ask questions. On closing day, you and the seller will sign documents at a title company or Midland Banking Center. After monies are collected and dispersed, you’ll receive the keys to your new home!

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