Home Loan Process
- posted 5.11.2015
- Nicole Johnson
- Home Loans
Are you planning to purchase a new home in the next few months? You shouldn't feel overwhelmed: You can start the home financing process now in only a few simple steps.
Consulting a loan specialist will prepare you for purchasing a home whether you're looking for a first time home buyer loan program, a loan to move or upgrade your current home, need a vacation home mortgage or investment property loan, or want to secure your retirement with a reverse mortgage.
Get a Preapproval
Getting a preapproval shows Real Estate Agents and sellers that your offer is serious. In today's real estate market, making a competitive offer that is backed by an underwritten preapproval will give you an edge over other, unprepared buyers.
To start the preapproval process, proof of your financial standing is required. Documents typically required include, but are not limited to:
- Proof of Income: Original pay stubs for the last 30 days.
- Copy of Homeowners Insurance: Verifies that you currently do and will have sufficient coverage on the home.
- Copies of Your W-2 Forms: Verifies employment and income history, and should include the last two years for each applicant.
- Copies of asset information: Include any accounts that may provide funds for closing - savings, checking and 401k accounts, as well as investment records for any mutual funds or stocks.
- Copy of Title Insurance: Verifies the legal description of your property, the taxes, and the names on the title.
Choose Your Loan
When purchasing a new home, there are many types of mortgages to choose from, including conventional loans, VA Home Loans, FHA Loans or Jumbo Mortgage. Work with a knowledgeable lender to find an optimal, affordable loan option.
Find Your Dream Home
After you have been approved and have chosen the best loan terms for your lifestyle, house hunting and choosing your dream home are so much easier. You now know how much you can afford and how it will impact you in the years to come.
Your preapproval is active for two months, allowing you time to find the perfect home. With a preapproval, you are a virtual cash buyer, basically shopping with money in your pocket.
Fast, On-Time Closings
If you've already provided the necessary paperwork, have been approved for a loan and found the home of your dreams, the next step is arranging a closing date. As an all-inclusive mortgage banker with our own in-house underwriting and funding teams, we work as a cohesive team to close loans fast. This fast and hassle free service is not only an incentive to you, but also to Real Estate Agents and sellers who need to close quickly. Once you have finalized the closing, you are ready to move into your new home.