Mortgage Center - SEDA New Homes

Mortgage Center

Whether you’re buying a home for the first time or you’ve had mortgages in the past, the process of applying and getting approved for a mortgage can seem daunting. At SEDA New Homes, we want to make sure your mortgage experience is as stress-free as possible. We’ve put together this quick guide to a few of the most important parts of the mortgage process to help you understand some of the steps along the way. For detailed information on the complete mortgage process, consult with a qualified lender.

Find a lender

A loan officer will play a large role in your home-buying journey, so it’s important to work with a lender you trust. Because you’ll have a long relationship with your lender, you’ll want to make sure your mortgage provider can offer you competitive pricing and great service. Keep in mind that the lowest rate is not necessarily the best criteria for choosing a lender, since there are several other costs that can ultimately make your loan cost more over time. Since buying a home is often the largest financial transaction most people make, it’s worth the time to speak with several lenders before making your decision. Visit our preferred lenders page for contact information for lenders recommended by SEDA New Homes.

Choose a mortgage program and rate

Years ago, there was basically only one choice in the type of mortgage you could have on your house: a traditional 30-year, fixed-rate loan. Today, there are more choices than ever, from varying rates that may be influenced by how many points you choose to pay, to programs such as adjustable and balloon loans. This is one of the critical stages where a trusted lender can help you navigate your choices.

Make sure you understand the long-term costs of each before making a commitment—use our amortization calculator to give you an idea of what these costs can be and our monthly payment calculator to estimate your payment amount.

Apply for a mortgage

Your lender will guide you through the application process, which involves supplying information on your income, the home you want to buy, the amount you want to borrow, and more. The lender will use this information to provide you with a detailed loan estimate that outlines everything from the estimated interest rate and closing costs, to any special features your selected loan type may have, such as prepayment penalties. Review this information carefully to be sure the terms are right for you before moving forward with the loan application process, and don’t hesitate to ask plenty of questions.


An underwriter is responsible for assembling all of the documentation and verifications into a single package that is then sent to your lender. If the underwriter finds that information is missing or more information is needed, your loan process will pause while you gather and supply whatever is needed. When everything is deemed acceptable, your loan will be considered approved.


Congratulations! You’ve made it to the end of your mortgage application journey and are about to begin your homeownership journey. Take a look at our closing checklist before you come to your closing meeting with a SEDA representative to make sure everything is in order, and review our convenient packing checklist and moving checklist to get ready for your big move-in day!

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