The Mortgage Loan Process

Step-by-step support to make your homeownership dream a reality.

Take the First Step

Understanding The Mortgage Process

1

Pre-Qualification

Credit Check: The lender checks your credit, income, and financial details (you provide documents like income statements and bank statements) to estimate how much you can afford.
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‍Pre-Approval Letter: Based on this review, the lender issues a pre-qualification letter to guide your home search.

2

Loan Application

Complete the Loan Application: Even if you’re pre-approved, you'll need to formally apply for the mortgage. You'll submit additional financial information or update your pre-approval.

Choose a Loan Type: Select the type of mortgage (e.g., fixed-rate, adjustable-rate) and the term (15 years, 30 years, etc.).

3

Loan Pre-Approval

Submit Financial Documents: Provide updated income, asset, and debt information.

‍Credit Check and Review: The lender conducts a thorough review of your financial profile.

‍Pre-Approval Letter: The lender issues a pre-approval letter confirming the loan amount, giving you stronger buying power.

4

House Hunting & Offer

Find a Property: Work with a real estate agent to find a suitable home.
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Make an Offer: Once you find a home, you submit an offer to the seller. If the offer is accepted, you move to the next step.

5

Loan Processing

Document Review: A member of our team verifies your financial documents, employment, and assets before formally sending to the lender.
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Appraisal: The lender orders a property appraisal to determine the home’s value.
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Title Search and Insurance: A title company ensures the property is free of legal claims, and title insurance is often required for protection.

6

Underwriting

Risk Assessment: The underwriter evaluates your creditworthiness and the property details to decide if the loan meets the lender's criteria.

Conditional Approval: If there are any issues (such as needing more documents), the underwriter may issue conditions for approval. You’ll need to address these before proceeding.

7

Loan Approval

Final Approval: Once all conditions are met, the underwriter gives final approval.

‍Loan Commitment: The lender commits to the loan, and you'll receive a closing disclosure, detailing all loan terms and closing costs.

8

Closing

Review the Closing Disclosure: Sent 3 days before closing with all of your loan details.

Closing Meeting: Sign documents and provide funds via cashier’s check or wire transfer.

Title Transfer: Ownership transfers to you, and the loan is funded.

Receive the Keys: Congratulations—you’re now a homeowner! Your first mortgage payment is usually due within 30–45 days.
* This information is not financial or legal advice. Loan approval depends on credit, income, and lender requirements, which vary. All loans require credit and property approval; terms and rates may change. Equal Housing Lender.

Home Financing FAQs

Find answers to common questions about the mortgage loan process.

What types of mortgage loans do you offer?

At The Mortgage Team at Canopy Mortgage, we offer a wide range of mortgage loans tailored to your needs, including Conventional, FHA, VA, USDA, Jumbo, Non-QM, and ITIN (Individual Taxpayer Identification Number) loans. Whether you’re a first-time homebuyer or looking to refinance, we have the right option for you. Se habla español.

How do I know which type of mortgage is right for me?

The right mortgage depends on factors like your financial situation, how long you plan to stay in the home, and your risk tolerance. Our experienced loan officers will guide you through the process, explain the pros and cons of each loan type, and recommend the best option for your unique needs.

What is the first step in the home buying process?

The first step is getting pre-approved for a mortgage. Click the “Get Started” button on our website to begin. One of our loan officers will contact you to discuss your financial situation and guide you through the next steps. Pre-approval helps clarify your budget and strengthens your offer when you find the right home.

How long does the home buying process take?

The home buying process usually takes 20 to 30 days from application to closing, once you’ve found the right home.

Can I apply for a mortgage if I have a low credit score?

Yes, you can still apply for a mortgage with a low credit score. We offer various loan programs designed for borrowers with less-than-perfect credit. Our team will help you explore your options and find a loan that fits your situation.

What are the current mortgage rates?

Mortgage rates change daily based on market conditions. For the latest rates, contact our team or visit our website. Our loan officers can help you understand how current rates may affect your mortgage.

Do you offer assistance for first-time homebuyers?

Yes, we offer several programs for first-time homebuyers, including low down payment options and closing cost assistance. Our team is here to help you navigate the process and make your dream of homeownership a reality.

What documents do I need to apply for a mortgage?

To apply for a mortgage, you’ll need to provide documents like proof of income (pay stubs, tax returns), bank statements, employment verification, identification, and details about your assets and debts. Our loan officers will give you a complete list of required documents.

How can I calculate how much house I can afford?

You can estimate how much house you can afford by considering factors like your income, debts, down payment, and interest rate. We also offer an online mortgage calculator on our website. For a more accurate assessment, schedule a hassle-free consultation with one of our loan officers.

What makes your mortgage team different from others in Las Vegas?

The Mortgage Team at Canopy Mortgage stands out for our personalized approach, extensive experience, and commitment to customer satisfaction. We take the time to understand your needs and guide you through every step of the mortgage process. Our expertise, combined with our dedication to finding the best loan solutions, ensures a smooth and successful home buying experience.

Ready to get started?
Get Pre-qualified
Gilbert Almaraz, Branch Manager
galmaraz@canopymortgage.com
NMLS ID #346586
702.800.7130
Branch Address
6363 South Pecos Road, suite 206
Las Vegas, NV 89120
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Canopy Mortgage, LLC | Branch: Canopy Mortgage - TLC Group - 13809 Research Blvd, Ste 500, Austin, TX 78750 | Office #512-598-9093 | NMLSConsumerAccess.org<https://nmlsconsumeraccess.org/> #: 1359687 | Equal Housing Lender - All loans subject to credit and property approval. Consumers wishing to file a complaint against a banker or a residential mortgage loan originator should complete and send a complaint form to the Texas department of savings and mortgage lending, 2601 North Lamar, suite 201, Austin, Texas 78705. Complaint forms and instructions may be obtained from the department’s website at www.sml.texas.gov. A toll-free consumer hotline is available at 1-877-276-5550. The department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed residential mortgage loan originators. A written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the department’s website at www.sml.texas.gov.

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