Subscribe and receive email notifications of new blog posts.
RSS Feed
- 2020 | 12 Posts
- 2019 | 42 Posts
- 2018 | 47 Posts
- 2017 | 45 Posts
- 2016 | 47 Posts
- 2015 | 54 Posts
- 2014 | 13 Posts
13
Step-by-Step Guide to Getting a Mortgage Loan
Step-by-Step Guide to Getting a Mortgage Loan
The vast majority of home buyers will need a mortgage loan to achieve their dream of homeownership. For new homeowners, this process may feel overwhelming leaving you insure where to start. The experts at Choice Properties have shared the step-by-step guide to getting a mortgage loan, preparing you for what lies ahead.
Shop for a Mortgage
Just like shopping for homes, you should also shop for a mortgage loan rather than settling! All lenders offer different options, so it's important to research those with various interest rates, closing costs, and more. Completing this step will help you pinpoint any concerns lenders might have with your application, giving you time to fix the flaws leaving you an ideal match when it's time to make an offer on your dream home.
Get Pre-Approved
The goal of meeting with a mortgage lender is to get pre-approved for a loan. During this process the lender will go through your financial past, focusing on your income, debts, credit history, and other factors that influence a loan to determine how much money you can borrow. It is highly recommended to be pre-approved for a mortgage loan, as this shows sellers you have the financial backup to make a purchase. To apply for pre-approval, you will need:
- Two years of federal tax returns
- Pay stubs from the past 30 days
- Quarterly statement of your asset accounts
- Any other current real estate holdings
- Residential history of the past 2 years
- Proof of funds for a downpayment
Close the Deal
After purchasing a home and signing a sales contract, it's time to close the deal! When buying a home you "take title" of the property, meaning you are the full owner. Once you prove to the lender you now have the title, you then meet one final time for closing paperwork. This is where the buyer, seller, a lender representative, and any others involved will meet to sign all the paperwork, transfer all money owed, and hand you the keys to your new home.
Choice Properties understands your needs and desires when it comes to the home search. We are here to help you define what you want, seek the best property and move forward feeling educated and able to make good decisions throughout the process. You can trust us to help you navigate it with the best real estate agents working for you. Call us to get started on your dream home search today.