Educate & Empower
The Purchase Process
From your first conversation with Team Souther to the moment you get the keys — here is exactly what to expect.
Buying a home is one of the largest financial decisions you will ever make. The process involves a lot of moving parts — lenders, agents, appraisers, title companies, and underwriters — and it can feel overwhelming if you have never done it before.
Team Souther's job is to make the mortgage side of that process as clear and stress-free as possible. Below is a step-by-step walkthrough of what happens from the day you call us to the day you close.
Step by Step: From Application to Keys
Initial Consultation
Every purchase starts with a conversation. Tom and Kim will sit down with you — in person, by phone, or video — to understand your goals, timeline, and financial situation. This is a no-pressure call to figure out where you stand and what your options are.
Typical duration: 30–60 minutesPre-Approval
Before you start shopping, you need to know your budget. Team Souther will review your income, assets, employment history, and credit to issue a pre-approval letter. This tells you exactly how much you can borrow — and shows sellers you mean business.
Typical turnaround: 24–48 hoursHouse Hunting
Armed with your pre-approval, you work with your real estate agent to find the right home. Team Souther stays in close contact during this phase so that when you find the one, we can move quickly. We can also update your pre-approval letter for specific offer amounts.
Timeline varies by marketOffer & Acceptance
Your agent submits an offer on your behalf. Once accepted, you are officially "under contract." Team Souther will immediately begin the formal loan application process and order the appraisal so there are no delays.
Earnest money typically due within 1–3 daysLoan Processing & Underwriting
This is where the behind-the-scenes work happens. Your loan file goes to an underwriter who verifies all your documentation — income, assets, employment, and the property appraisal. Team Souther keeps you updated every step of the way and quickly handles any conditions the underwriter requests.
Typical duration: 2–4 weeksClear to Close
When the underwriter approves your loan, you receive a "Clear to Close." Team Souther will send you a Closing Disclosure at least 3 business days before closing, outlining your final loan terms, monthly payment, and the exact cash you need to bring to the table.
Closing Disclosure required 3 days before closingClosing Day
You meet at the title company (or sign remotely in some cases), review and sign the final documents, pay your closing costs and down payment, and receive the keys to your new home. Congratulations — you are a homeowner!
Bring a valid photo ID and certified fundsFrequently Asked Questions
How long does the purchase process take from start to finish?
From pre-approval to closing, most purchases take 30–45 days once you are under contract. The house-hunting phase varies — some buyers find a home in days, others take months. Getting pre-approved early means you can move fast when the right home appears.
What documents will I need to provide?
Typically: two years of tax returns and W-2s, 30 days of pay stubs, two months of bank statements, a copy of your photo ID, and information on any other assets or debts. Self-employed buyers will need additional documentation. Team Souther will give you a complete checklist at the start.
Can I back out after making an offer?
Yes, but there are financial implications. Most purchase contracts include contingencies — inspection, financing, and appraisal — that allow you to exit without losing your earnest money if certain conditions are not met. Your real estate agent will walk you through the specifics of your contract.
What are closing costs and how much should I expect?
Closing costs typically run 2%–5% of the loan amount and cover lender fees, title insurance, appraisal, prepaid taxes and insurance, and more. Team Souther will provide a Loan Estimate early in the process so you know exactly what to expect — no surprises at the table.
What happens if the appraisal comes in low?
If the home appraises for less than the purchase price, you have a few options: negotiate a lower price with the seller, pay the difference in cash, or walk away if you have an appraisal contingency. Team Souther will help you understand your options and navigate the situation.
Ready to Start Your Purchase?
Team Souther is here to guide you through every step — from your first question to closing day. Let's get started.