3 Successful Steps to Getting Home Loan
If you have never applied for a mortgage loan before, the
process may seem somewhat daunting and even a little bit frightening. If this is your first home, you may not have any idea
what to expect. Whether you are
applying for a 1st mortgage or you are doing mortgage refinancing on your home, getting a mortgage loan can be
divided into three simple steps.
The first step is to determine which loan programs you can qualify for and select
the one that is best for you. This is where is can be very helpful to speak
with a mortgage officer to find out which loan programs you can qualify for and to find out how they work.
If you have poor credit and can only qualify for a bad credit mortgage, you cannot expect to get low rates or deals
on the mortgage. However, you may be able to find that one loan program is
a better deal for you than another. When you discuss the different loan
programs with your mortgage officer, be sure to ask about how the rates work and what the closing costs
are. The lender is required to provide you with a Good Faith Estimate as
well as a Truth In Lending disclosure within three days of accepting your application for a loan.
You should realize that these are estimates rather than exact figures.
If you are doing a mortgage refinance, there may be fewer closing costs and
Next, as soon as you have determined which loan program you like the best; you
will need to actually apply for the loan. This will require more than simply filling out an application. You will be required to provide a variety of
documents to the lender, such as verification of employment and income, a credit report, lists of assets and
debts. If you are doing a mortgage
refinance, some of the documentation may be different to those needed when you are getting a mortgage for the first
The third easy step to getting a mortgage is to head to the title company to sign
all of the closing papers. Remember
to bring proper identification such as a current driver's license or passport that includes a photo of
you. Bring your closing money,
including the down payment if necessary, in hte form of a cashier's check or have it wired directly to the title
company. Make sure that you bring
the funds from the same account you said you would on the loan application.
Understanding the three basic steps of getting a mortgage will make it easier to go