Getting a Home Mortgage

Getting a Mortgage For Your Home Purchase

There are a number of steps to the loan process. The more you know about it, the more you’ll understand everything that is required. Then you can be prepared, so the process goes as smoothly as possible. Knowledge is power, and can help you feel like you have some control of everything that’s taking place.


1. Make Sure You Have All Your Documents Organized

When you’re applying for a mortgage, the lender will need a lot of documentation to ensure you can repay your loan. That can include proof that you’re employed, your tax returns, paystubs, your credit history, bank statements, child support and alimony statements, and other verifiable information as to how much money you make and how consistent your income is. The level of debt you have and whether your credit report shows that you repay your obligations is also important.


2. Then It’s Time to Qualify

You have two options when you first try to establish what you can borrow. You can pre-qualify, or you can be pre-approved. Pre-qualification is a quick process that only takes your basic information and generates information on the price of the home you may be able to purchase. Pre-approval takes longer, but it gives you a lot of leverage. It shows that you can buy the home, and you’ll also know what your true price range is. That keeps you from wasting time looking at something you really can’t afford. Closing can take place faster and easier when you have pre-approval, making the entire process less stressful.


3. You Need the Right Loan for Your Needs

There are a number of things you’ll need to consider when you’re looking for the best loan for your needs. How long you plan to keep it is one of the things you should look at, along with the rates, origination fees, closing costs, points, and other factors that can vary from lender to lender. The process is often tedious and it can be time-consuming and difficult. With a qualified loan officer working with you and your Realtor, though, you can make the right decision.


4. Get Approval for Your Loan

To get a loan approval, the loan officer will review your application and verify things like your employment history, credit history, assets, and property value. To improve your approval chances, provide any requested documents in a timely manner, and don’t make major purchases until the loan closes. Find out when the closing date and time is, and make sure you can be there for it.


5. Your Loan Closing

After loan approval, you can go to closing. The final loan documents will be signed at that time, and you generally do that in front of a notary at a title company. Before you sign, make sure the amount of the loan is correct, along with the interest rate and any other terms. Your name and address should also be correct, and it’s important to catch any mistakes before you sign. You’ll need a cashier’s check for your closing costs and down payment; so don’t forget to bring that with you in order to have a smooth transaction.

Always feel free to contact us with any questions or Real Estate needs.

7401 Wiles Rd Suite# 236, Coral Springs, Fl 33067

Office: 954-644-1052

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