Simplifying The Mortgage Process

Zach Silverman | November 22, 2023

Buying a home is a big step, and thoughtful consideration is the key to finding your perfect haven. Buying a home is one of the most important financial decisions you’ll make in your life.


While it might seem like the best place to start the home buying process is to browse MLS on your phone and then contact a Realtor to go out and look at properties, it’s not. Here are some simple steps to your homeownership prep to ensure a seamless home-buying journey.


Financial Readiness - Prequalifying for Mortgage.

Unless you have enough money in the bank to buy a home with cash, you’re going to need a mortgage. Mortgage financing can be challenging and not so straightforward, the best time to start planning for a mortgage is right now.


Don’t make another move until you discuss your financial situation with an independent mortgage professional. It’s never too early to start planning. When you work with an independent mortgage professional, instead of working with a single bank, you’ll be working with someone who has YOUR best interest in mind and can present you with mortgage options from several financial institutions.


As part of your mortgage plan, you’ll want to figure out what you can afford BEFORE you start shopping. This is where an independent mortgage professional comes in. At Silverman Mortgage Group, we will gather your information by way of an application and documentation, assess your credit score, review your overall financial scenario and ensure you pre-qualify.


As part of preparing you in advance, we will put together a full report of your affordability, calculated mortgage payments, and have a clear picture of exactly how much money is required for a down-payment and estimated closing costs. We will also include various mortgage products available on the market, considering different mortgage terms, types, amortizations, and features. Our job is to help you strategize the best option for your homeownership goal and financial wellnes..

Once you have your numbers in place, you can shop confidently!



You've found a property!


When you’ve found a property to purchase and have your purchase agreement in place with the help of your realtor, you’ll work very closely with your mortgage professional to arrange your mortgage financing. This is where being prepared pays off.


Once you have a confirmed lender approval in place you'll receive a mortgage commitment accepting the lenders terms. This is the time where you'll finalize any last conditions (such as any additional documentation or property appraisals) to satisfy the lender agreement.



Don’t change anything about your financial situation until you have the keys. 


Don’t quit your job, don’t take out a new loan, or don’t make a large withdrawal from your bank account. Put your life into a holding pattern until you take possession of your new home.



Close the deal.

The closing process involves signing the final mortgage agreement, transferring ownership, and paying closing costs. Your lender will provide the funds for the purchase, and you'll officially become a homeowner.


After closing, you'll start making regular mortgage payments according to the terms of your loan. Stay on top of your payments to maintain a good credit history and gradually build equity in your home.




Throughout the mortgage process, communication is key. Stay in close contact with your real estate agent, your independent mortgage professional, lender, and lawyer to ensure a smooth and well-coordinated experience. Each step plays a crucial role in securing your dream home, so take the time to understand the process and ask questions along the way.


If you’d like to discuss your personal financial situation and find the best mortgage product for you, our team here at Silverman Mortgage Group is happy to help! We can figure out a plan to buy a home as stress-free as possible.


Please connect anytime; it would be a pleasure to work with you.


For a Stress-Free Mortgage. 

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RECENT POSTS

Not All Mortgages Are Created Equally

By Zach Silverman • October 15, 2025
A no-frills service or product is where non-essential features have been removed from the product or service to keep the price as low as possible. And while keeping costs low at the expense of non-essential features might be okay when choosing something like which grocery store to shop at, which economy car to purchase, or which budget hotel to spend the night, it’s not a good idea when considering which lender to secure mortgage financing. Here’s why. When securing mortgage financing, your goal should be to pay the least amount of money over the term. Your plan should include having provisions for unexpected life changes. Unlike the inconvenience of shopping at a store that doesn’t provide free bags, or driving a car without power windows, or staying at a hotel without any amenities, the so-called “frills” that are stripped away to provide you with the lowest rate mortgage are the very things that could significantly impact your overall cost of borrowing. Depending on the lender, a “no-frills” mortgage rate might be up to 0.20% lower than a fully-featured mortgage. And while this could potentially save you a few hundreds of dollars over a 5-year term, please understand that it could also potentially cost you thousands (if not tens of thousands) of dollars should you need to break your mortgage early. So if you’re considering a “no-frills” mortgage, here are a few of the drawbacks to think through: You'll pay a significantly higher penalty if you need to break your mortgage. You'll have limited pre-payment privileges. Potential limitations if you want to port your mortgage to a different property. You might be limited in your ability to refinance your mortgage (without incurring a considerable penalty). Simply put, a “no-frills” mortgage is an entirely restrictive mortgage that leaves you without any flexibility. There are many reasons you might need to keep your options open. You might need to break your term because of a job loss or marital breakdown, or maybe you decide to take a new job across the country, or you need to buy a property to accommodate your growing family. Life is unpredictable; flexibility matters. So why do banks offer a no-frills mortgage anyway? Well, when you deal with a single bank or financial institution, it’s the banker’s job to make as much money from you as possible, even if that means locking you into a very restrictive mortgage product by offering a rock bottom rate. Banks know that 2 out of 3 people break their mortgage within three years (33 months). However, when you seek the expert advice of an independent mortgage professional, you can expect to see mortgage options from several institutions showcasing mortgage products best suited for your needs. We have your best interest in mind and will help you through the entire process. A mortgage is so much more than just the lowest rate. If you have any questions about this, or if you’d like to discuss anything else mortgage-related, please get in touch. Working with you would be a pleasure!

What You Need To Know About Co-Signing A Mortgage

By Zach Silverman • October 8, 2025
So you’re thinking about co-signing on a mortgage? Great, let’s talk about what that looks like. Although it’s nice to be in a position to help someone qualify for a mortgage, it’s not a decision that you should make lightly. Co-signing a mortgage could have a significant impact on your financial future. Here are some things to consider. You’re fully responsible for the mortgage. Regardless if you’re the principal borrower, co-borrower, or co-signor, if your name is on the mortgage, you are 100% responsible for the debt of the mortgage. Although the term co-signor makes it sound like you’re somehow removed from the actual mortgage, you have all the same legal obligations as everyone else on the mortgage. When you co-sign for a mortgage, you guarantee that the mortgage payments will be made, even if you aren’t the one making them. So, if the primary applicant cannot make the payments for whatever reason, you’ll be expected to make them on their behalf. If payments aren’t made, and the mortgage goes into default, the lender will take legal action. This could negatively impact your credit score. So it’s an excellent idea to make sure you trust the primary applicant or have a way to monitor that payments are, in fact, being made so that you don’t end up in a bad financial situation. You’re on the mortgage until they can qualify to remove you. Once the initial mortgage term has been completed, you won’t be automatically removed from the mortgage. The primary applicant will have to make a new application in their own name and qualify for the mortgage on their own merit. If they don’t qualify, you’ll be kept on the mortgage for the next term. So before co-signing, it’s a good idea to discuss how long you can expect your name will be on the mortgage. Having a clear and open conversation with the primary applicant and your independent mortgage professional will help outline expectations. Co-signing a mortgage impacts your debt service ratio. When you co-sign for a mortgage, all of the debt of the co-signed mortgage is counted in your debt service ratios. This means that if you’re looking to qualify for another mortgage in the future, you’ll have to include the payments of the co-signed mortgage in those calculations, even though you aren’t the one making the payments directly. As this could significantly impact the amount you could borrow in the future, before you co-sign a mortgage, you’ll want to assess your financial future and decide if co-signing makes sense. Co-signing a mortgage means helping someone get ahead. While there are certainly things to consider when agreeing to co-sign on a mortgage application, chances are, by being a co-signor, you'll be helping someone you care for get ahead in life. The key to co-signing well is to outline expectations and over-communicate through the mortgage process. If you have any questions about co-signing on a mortgage or about the mortgage application process in general, please connect anytime. It would be a pleasure to work with you.

Mortgage Financing Explained

By Zach Silverman • October 1, 2025
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