To determine how much you can afford, analyze the percentage of your monthly income going toward debts. Your remaining income after all debts and taxes must cover living expenses, savings goals, and emergency funds.
A common misconception is that you must have 20% of a home price for a down payment to purchase. Tradition Mortgage offers multiple mortgage products for require far less than 20% down; sometimes as little as 3% down!
Building a new home doesn’t have to be complicated when it comes to your financing. Tradition Mortgage offers internal funding for both construction loans and permanent financing.
Customer Road Map - Steps
Contact Your Personal Tradition Mortgage Loan Officer
via phone or email
Conversation to gather information and uncover most appropriate loan option.
Loan Officer Due Diligence
Product and program research. Identify product type and loan structure.
Presentation of Recommended Loan Scenarios
Explain most appropriate loan option based on due diligence.
*within 24 hours of #2*
Submission of Loan Application
Application available via website or mobile app
*within 24 hours of #4*
Go through initial eligibility, and initial review by TM. Submit necessary documents.
Loan Processing & Underwriting
Tentative closing date set
*receive weekly updates from your loan officer*
You will be kept up to date with any significant milestones related to your loan life.
Final Review of Numbers
Review final numbers and issue closing disclosures
*three days prior to closing*
Bring closing funds & sign final paperwork
Post-Close Follow Up Survey
We value your business and want to be your trusted mortgage source for life. Let us know how we did!
Ongoing Account Monitoring
Your account will be monitored and we’ll reach out with any opportunities to improve your situation.