How to get a Mortgage
Step 1. Find a Mortgage Consultant that can advise you on your loan.
The home loan has a reputation for being a difficult process and many times it is because we don’t know. Find a loan Consultant that can help you tailor a loan according to your needs.
Step 2. Determine how much house you can afford.
Look at your finances and see what’s realistic for going out in your home 35% of your gross income is a good place to start. In a mortgage payment there’s principle, and interest. There are taxes, insurance and sometimes private mortgage insurance. Apply now and have a loan consultant guide you on what fits you best.
Step 3. Take a look at your Credit
Credit will determine if you have a loan or you don’t. We work with challenged credit. Apply now and let’s take a look at your credit and have a loan consultant guide you on what to do next
Step 4. Get Approved
If you’re buying a home and aren’t Pre-Qualified many real estate agents will not help you. Get Pre-Qualified, we will take a look at your scenario and see how much we can approve you for. We will send you a letter stating how much you’re approved for.
Step 5. Put together the Paper work.
• W-2 forms (Past 2 years)
• Federal Tax Return (Past 2 years)
• Most recent Pay stubs (30 days worth)
• Investment Account, 401k, IRA statements
• Cancelled Check for your rent or mortgage (12 months)
• *Mortgage Coupon (most recent)
• *Home owners Insurance Declarations Page
• **HOA Certificate
*If refinance
**If Property is a Condo
Step 6 Find a lender
Let us help you find a lender click here to fill out a simple request and a loan consultant will guide you.
Step 7. Submit necessary paperwork
Let the loan consultant guide you on finding the right loan for you and submit the necessary information to the consultant.
Step 8. Prepare for closing
Make sure you have the necessary funds to close and all preliminary items have been taken care of.
Step 9. Closing Day
Congratulations you’re almost to the finish line. At time of closing a notary will help you sign the necessary paperwork and pay the closing costs.
Step 10 All done |
