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Trying to buy a home without a mortgage loanis next to impossible, for most people. A mortgage allows the homeowner to pay off the amount of the loan over a long period of time, in most cases its 30 years. Lenders make their money on mortgage loans from the interest that is charged on the loan throughout the payback period. Lenders will pre-approve a potential buyer before the fact so that the buyer can have a definite price range to consider. This gives the buyer confidence when searching for a home.
The first step in getting pre-approved for a loan is finding a trusting loan officer. If you don’t know where to find one, Real Estate agents usually have good relationships with loan officers they trust. Another way would be to search the internet, now days spending a few minutes on the doing a little research on loan officers in your area is probably a smart thing to do.
Once you find a loan officer, they will review your financial status to determine where you stand. For this you will need to provide pay stubs, bank statements, W-2’s, and possibly tax returns. The loan officer will do a basic credit check and calculate the mortgage amount you can most likely handle. This process is usually free of charge and can be done over the phone or online.
Once the loan officer determines your status they will then explain what options are necessary to move forward in the home buying process, as well as the different programs that are being offered and which ones you qualify for.
If you decide to move in the home buying process and get a full approval for a loan. The mortgage professional will then run a more detailed analysis of your financials, which may involve presenting additional paperwork specific to your situation. At this point in the process you may start to incur fee’s that are payable to the lender.
When you want the loan for a specific property, the process will include an appraisal, possibly an inspection, and of course the final underwriting. If everything goes right and underwriting approves, you can close.
If you have any questions, or are ready to start the home buying process today, give Robert Sinohue with Guaranteed Rate a call. He is one of the top mortgage originators in the United States. With over 18 years of experience and over $750 million in mortgage loans funded throughout his career, He is a well known professional that focuses on building strong and long lasting relationships with each and every one of his clients.
Give Robert a call at 800-650-6097 or email rsinohue@guaranteedrate.com
https://www.guaranteedrate.com/robertsinohue
https://facebook.com/GreatLoanAdvice
https://twitter.com/RobertSinohue
https://linkedin.com/rsinohue
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