What to Expect on your Path to Homeownership
You might feel like the loan process can be daunting, but at Lennar Mortgage we provide a frictionless way to get you in the home of your dreams using our Digital Mortgage Process! Our Digital Mortgage Experience is a modern mortgage application with a personal touch! We’ve designed our Digital Mortgage experience to make things easy, intuitive, and efficient; which gives us the ability to be with you through the entire process- from pre-qualification, to closing and beyond.
Step 1: Submit your Pre-Qualification
Start by selecting a Lennar community, touring different home plan options, and selecting your dream home that meets all your needs. Once you have found your dream home, were here to make that dream a reality! We are eager to assist you in your path to homeownership and help you navigate through the mortgage process. Since we’re part of the Lennar family, we’re knowledgeable in financing new home construction. We will ensure that you experience a smooth transition into your new home as quickly as possible. Our Pre-qualification process is a simple online application that is quick, easy and guides you step-by-step though the mortgage experience. Many of our borrowers have completed the pre-qualification in as little as 15 minutes! Required documentation will vary as you and your situation are unique, however, there are some basic items that will be similar for everyone. This includes the following:
- Social Security Number
- Pay Stubs for 1 month
- W2s / 1099’s for 2 years
- Driver's License
- Bank Statements for 2 months
It’s important to note that you will have to provide updated documentation later in the process to confirm that things have not changed. This is a normal part of the mortgage process.
Step 2: Submit your loan Application
Once you’ve selected your new Lennar Home, it’s time to make sure your home financing is in order! Since we know mortgages aren’t “One Size Fits All” we’re here to help you navigate through the different loan options. Your Loan Officer will review your pre-qualification and help you choose the best loan product for your specific needs. You will be sent electronic documents called Disclosures which you can sign through our easy and secure digital mortgage portal. As part of the Digital Mortgage experience, we encourage you to agree to e-consent so you can sign your disclosures electronically, with the exception of a few documents that must be printed and signed by hand.
Step 3: Loan submitted for Underwriting
Once all of your personal documentation for your home loan is submitted, your loan will continue though the mortgage approval process. Your loan team will verify the documents you have submitted and make sure we are doing our due diligence to get you the best home loan we can! In this stage, your loan team will review your income, credit and asset information and will order an appraisal for your home. Please know that you may be asked to provide additional documentation along the way if we need to clarify anything. Your loan team will contact you if there are any further items needed for underwriting. Please be very careful to not make significant financial changes during the home building process as these changes may impact your loan approval. We understand that sometimes, unforeseen things happen, just be sure to alert your Loan Officer of any changes, such as switching jobs, income changes, additional financing or major purchases.
Step 4: Receive Conditional approval
Once your loan team reviews your loan file, you will receive a Conditional approval and commitment letter. If you’re purchasing in Texas; you will receive a welcome letter in place of the Commitment letter. In this part of the loan process you will receive your loan conditions. This means that so long as there are no major changes in your income, employment, finances or assets, your loan will continue to be approved- and you will be one step closer to achieving homeownership! It is also a good idea to begin looking into homeowner’s insurance during this stage of your loan journey. Our Lennar Mortgage Insurance partners will be happy to assist you in getting an insurance policy that allows you to minimize the homeownership hurdles and maximize the coverage provided. With a few clicks, they can instantly offer you a policy that is customized to your Lennar Home model. You can visit their website by clicking here.
Step 5: Loan Processing and Document updates
You’re now in the home stretch! (pun intended) In this phase, your loan team is double checking that everything with your loan is ready to be sent off for funding. Keep an eye out for your Closing Disclosures (CD) which will be sent to your loan portal, this will be as close to the final numbers as possible. It’s important that you review and sign these documents, so we can generate your final loan approval. Also be sure that you have locked in your Interest rate with your loan officer if you haven’t already. At this stage you will also be contacted by a Lennar Title representative to schedule your signing and closing date. For your protection we will send you wiring instructions via Lennar Track, our secure closing portal.
Step 6: Close on your dream home
The day has finally come! You are about to get the keys to your dream home! At Lennar Mortgage we offer Express close and Remote Digital Closing options. Our most common being the Express close as it works with Conventional, VA, and FHA loans, and is allowed in all states. To learn more about these closing options click here. Once you sign all your documents (digitally or via notary) you will be given the keys to your new home! You are now a happy homeowner! Time to celebrate!
If you’re ready to make your dream of homeownership a reality, you can begin your loan application here.