Mortgage 101

A Step-By-Step of the Mortgage Application Process.

We know applying for a mortgage can be intimidating. With CountryPlace Mortgage, there's no need to worry. Our process is simple and straightforward. We've outlined the mortgage process to provide a better idea of what to expect and to save both time and effort in applying for a mortgage for your new home.

1 Application.

The first step is to visit a model center and complete an application. The sales consultant will submit your application. He or she will then contact you within one business day to let you know the status of your application. Your Palm Harbor Homes sales consultant is knowledgable about our mortgage programs and will help you find the best program for your situation.

2 Loan Processing.

Once we have your paperwork, CountryPlace Mortgage will verify all information and order a credit report. Once everything checks out, your file goes to Underwriting.

3 Underwriting.

This is the big check point. Is your credit history in good shape? Can you realistically afford the loan? If the answers are yes, you're almost through!

4 Appraisal and Preliminary Title Search.*

The next step is to order an appraisal of your property to determine it's value. A title company or attorney will then check to make sure the official records regarding ownership of the property are in order. Your sales consultant will discuss the fees for these services.

5 Commitment.

A short time after you provide CountryPlace with your documentation, your loan officer will call you with the final response to your application. If the appraisal and title search* come back without surprises, you're in the home stretch. CountryPlace will issue a commitment to provide a mortgage loan. Any further conditions will be identified in the commitment letter.

6 Proceeding with the Order.

Once your loan has been approved and you have paid the balance of your down payment, your new home is ordered. Your Sales Consultant will notify you when your home is being built. He or she will also let you know when you can expect your home to be delivered.

7 Closing.

When it's time to close your loan, your sales consultant and/or the closing agency will notify you to come in and sign all of the required documentation. After signing your name about a dozen times, the process is complete. Other than a sore wrist, the process is painless. Congratulations on purchasing your new home!

*if applicable