Getting Started

Congratulations on taking the exciting step towards homeownership! At Fairway Asset Corporation, we understand the significance of purchasing a home and are committed to providing you with a seamless mortgage experience. This page serves as your comprehensive guide, outlining the key steps involved in securing a mortgage and purchasing your dream home.

Step 1: Mortgage Pre-Approval
Before house hunting, it's crucial to obtain a mortgage pre-approval. This process involves submitting your financial information to our team, who will assess your credit score, income, and debt-to-income ratio to determine the mortgage amount you qualify for. A pre-approval demonstrates your seriousness to sellers and allows you to explore homes within your budget.

Step 2: House Hunting
Now comes the exciting part - finding your ideal home! With your budget in mind, engage the services of a reputable real estate agent who can help you identify properties that meet your criteria. Carefully consider factors such as location, size, amenities, and future resale potential. Once you've found "the one," you can with the assistance of your real estate agent make a written offer to purchase the property.  Once the seller accepts your offer you can proceed to the next step.

Step 3: Loan Application and Documentation
Return to Fairway Asset Corporation armed with the details of the property you wish to purchase along with a copy of the ratified sales contract. Our mortgage experts will then guide you through the loan application process, which involves completing necessary paperwork and providing essential documentation such as pay stubs, bank statements, tax returns, and employment verification.

Step 4: Loan Processing and Underwriting
After submitting your loan application, our team will initiate the loan processing and underwriting phase. Our professionals will meticulously review all the provided information, verify its accuracy, and assess your eligibility. This step ensures that your finances and the property align with our lending criteria and mitigates potential risks for all parties involved.

Step 5: Home Appraisal and Inspection
To protect your interest and their investment, lenders generally require a home appraisal and inspection. An appraisal determines the property's value, while an inspection identifies any underlying issues that may impact its condition. We work in tandem with qualified professionals to ensure the property meets lending standards and that you have a clear understanding of its condition.

Step 6: Closing and Funding
Once the appraisal, inspection, and all other underwriting requirements are met, we will schedule the closing. During the closing, you'll sign the necessary legal documents, pay closing costs and fees, and officially take ownership of the property. At this stage, we'll also fund the mortgage loan, ensuring a smooth transition from buyer to homeowner.

Conclusion:
Purchasing a home is an exciting and life-changing milestone. At Fairway Asset Corporation, we are committed to providing you with a stress-free mortgage experience throughout the entire homebuying process. By following the steps outlined in this guide and relying on the expertise of our team, you'll be on your way to turning your dreams of homeownership into a reality. Contact us today to embark on your homebuying journey.