Mitchell Severance - Union Home Mortgage

The application process can be completed online and typically takes 15-20 minutes to complete. If you aren’t tech-savvy, we can schedule a phone or in-person appointment at our Pickerington office.

The process duration varies. For clients with straightforward income, preapproval can be completed in as little as 20 minutes. However, for self-employed, part-time, or commission-based individuals, the income verification process can take longer, typically 24-48 hours. The quicker we receive your loan documentation, the faster we can review and complete the preapproval process. Generally, the preapproval will last for 90 days prior to it expiring.

It's best to start the mortgage application process as soon as you begin seriously considering buying a home. Ideally, you should start at least 2-3 months before you plan to make an offer. This gives you time to get preapproved, gather necessary documents, and address any potential issues that may arise during the process. Starting early helps you move faster and more confidently when you're ready to make a purchase.

Appraisal: An informed estimate of the value of a property. Debt-to-Income ratio: Your debt-to-income ratio is all your monthly debt payments divided by your gross monthly income. This number is one way lenders measure your ability to manage the monthly payments to repay the money you plan to borrow. Equity: Equity is the amount your property is currently worth minus the amount of any existing mortgage on your property. Homeowners Insurance: Insurance to protect your home against damage from fire, hurricanes, and other catastrophes. Usually, homeowners' insurance also covers you against theft and vandalism, as well as personal liability in case someone is hurt or injured on your property.