A Pre-Approval is a lender’s written commitment, saying that you are financially ready to go based on credit, income and assets. It allows you to home shop with confidence knowing what you can afford, and shows sellers that you are a serious buyer.

Begin shopping with a real estate agent for the dream home that fits your needs and budget. Once a property is selected, you’ll submit an offer to the seller. After acceptance, both parties sign a purchase contract.

Pilgrim Mortgage offers a variety of loan products to fit a variety of lending scenarios. Options include FHA, VA, USDA, conventional loans and more. Our Loan Officers are experienced in helping you discover the best product for your situation.

The Loan Processor orders an appraisal of the property, title work, and verifications (employment, income, assets). The Processor then reviews documents and prepares the file for Underwriting.

During Underwriting, the Underwriter reviews the entire file for creditworthiness and guideline compliance. They may issue conditional approval requiring additional documents. Once all conditions are met, the loan is “Clear to Close.”

At Closing, the borrower signs all final documents, the Lender funds the loan and the deed and mortgage are recorded. Once everything is squared away, the Borrower officially becomes the homeowner and gets their keys!