The Loan Process Step 2: Making the Offer and the Formal Application
Updated: Sep 26, 2018
Making the Offer
Once you have identified the home you want to purchase, your realtor will guide you through the offer and negotiation process with the sellers.
This will involve completing an Earnest Money Contract to submit to the seller’s realtor as your
“offer”. The seller may accept, decline or counter the offer.
Again, your realtor will help you navigate during these negotiations. We do encourage you to stay in touch with us during this time, so we can provide updated estimates if needed or answer any
questions that may pop up.
After you have successfully negotiated your home purchase, we will need a copy of the sales
contract to begin the processing of your loan. At this point you will have the opportunity to review
and lock in your interest rate.
Your loan application will be finalized with all the details or your purchase, and we will provide you with the loan application and our disclosures for your signature. You can choose to sign the
documents in person in our office, or we can send the documents for you to sign electronically.
The disclosure package will include a Loan Estimate that will outline the estimated fees of your
transaction. If you choose to sign electronically, we always encourage you to still review the Loan
Estimate with us in person, if possible. We want to ensure you have a clear understanding of all
fees and funds due at closing.
*The prequalification may be based on unverified information the consumer voluntarily provides to Pilgrim Mortgage LLC. This is not a mortgage loan approval or a commitment to lend. A prequalification does not guarantee loan approval, nor is it an offer or commitment to make a loan to you on certain terms.