818 Mortgage Home Loan Specialist - How To Get A Mortgage
How To Get A Mortgage With 818 Mortgage
Once you have all of your documentation in order, it’s time to start searching for a loan. Here’s what you can expect when you apply for a home loan with 818 Mortgage®.
How To Get A Mortgage With 818 Mortgage
Step 1: Apply For Mortgage Preapproval
Preapproval is the process of learning how much a lender is willing to lend to you. When you apply for a preapproval, lenders take a look at your income, assets and credit, and tell you how much they can lend you. They’ll also determine your interest rate ballpark based on today’s rates.
Step 2: Get Your Pre-Approval Letter
I'll send your realtor a Pre Approval Letter that they can use to begin house hunting.
Step 3: Find A Property And Make An Offer
Now comes the best part – finding the home that’s right for you. To help you with your search, I can help you connect with a real estate agent in your area who will start showing you properties. A quality real estate agent will help you narrow your search before showing you properties that fit both your needs and your budget.
Once you find the right home, your real estate agent will also help you to submit an offer, and potentially begin negotiating with the seller. When a seller accepts your offer, it’s time to move to the final stages of the home buying process.
Step 4: Verifying The Details
During the verification process, an underwriter takes a closer look at your assets and finances. We'll work with you to verify the information you submitted when you applied.
Your lender will also need to verify your property details. This usually involves ordering an appraisal, verifying the home’s title and scheduling any other required inspections. When the underwriting process finishes, you’ll receive a document called a Closing Disclosure.
Your Closing Disclosure tells you everything you need to know about your loan, including your monthly payment, down payment, interest rate and closing costs.
Step 5: Closing
Once you get your loan approved, it’s time to begin closing with your escrow team. Remember to bring a valid photo ID! Once you sign on your loan, your documents will be sent to the local government agency so that they can record the transaction. You’re officially a homeowner.
The Bottom Line: Keys To Getting A Home Loan
Lenders like me will look at many factors when you apply for a mortgage. They’ll examine your income, job history, credit score, debt-to-income ratio, assets and the type of property you want to buy. To complete the application, you'll need to provide me with all relevant documentation that will help prove your viability to qualify for a home mortgage.
The first step in getting a mortgage is applying for pre-approval. Getting pre-approved gives you a good idea of the loan principal you can receive, making it easier to shop for homes within your budget. Once you’re preapproved, you can enlist the help of a qualified real estate agent.
Your agent can help you make an offer on the right home once you find it. You’ll need to get full approval from your lender once the seller accepts your offer. Full approvals also include underwriting and an appraisal. Once you’re approved, you’ll attend a closing meeting, sign the closing documents, and pay your down payment and closing costs.
