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The Home Loan Process
Demystifying Home Loans
If you haven’t experienced it before, the home loan process can feel overwhelming, but our team will help you stay informed throughout the process, from pre-approval to closing. The first thing to do is consult with a mortgage specialist (or two). If you don’t already have someone in mind, we partner with some of the best lenders in the industry, and we’d be happy to introduce you, so you’ll be taken care of.
Get Pre-Approval
Before you start looking for a home to buy, it’s a good idea to meet with your Loan Officer to get pre-approved for a loan amount. At this stage, the lender gathers information about income, assets and debts of the borrower (you) to determine how much house you may be able to afford. This includes a credit report, W-2 forms, pay stubs, Federal Tax Returns and recent bank statements. There are a variety of different loan programs, so make sure to get pre-qualification for the specific programs that best suit your needs.
Texas Tech Federal Credit Union
Haden Lipham
Mortgage Loan Officer
NMLS# 1644599
Haden's favorite part of serving as a Mortgage Loan Officer is helping members achieve their goals of homeownership! With over 6 years of experience, Haden is committed to a smooth and effortless mortgage process for homebuyers.
Haden is no stranger to West Texas. After graduating from Floydada High School, he attended Texas Tech University and received a Finance Degree. Haden is married to Brooklyn, and they have one daughter Rowan. In addition to his family, Haden enjoys playing golf, cheering for the Red Raiders, and traveling.
Application & Processing
What happens when a loan goes "live"
When you find a property you’re ready to buy, your lender will help you complete a full mortgage loan application, and talk you through the various fees and down payment options. The application is submitted to processing, where the documents are reviewed and appraisals and title examinations are ordered. Then, the loan is sent to an underwriter, who reviews and approves the entire loan if it meets compliance.
Closing
Signing and Finalizing the deal
Don’t be surprised if you’re asked for additional documentation or clarification throughout the process. Once your loan is approved, don’t forget to set up homeowners insurance. Your documents will be sent to the title company, where you’ll sign for the new home and pay any remaining costs. Then, the loan is recorded and you get the keys. Congratulations, happy homeowner!
