Loan Process

Before you go house hunting, you need some research on where to go for a mortgage. Once this is done you need to move on to setting up lawyers, insurance agents and engineers, which will help you along with the transaction. If you take the time to be patient in finding the professionals that will assistant you during the home buying process, you will be less likely to make a hasty decision out of stress.

Once all the above is taken care of and you have found your ideal loan officer, you will need to know the following:

  • Your particular mortgage needs
  • Financial situation (Do you have a study job, are you planning to change careers, is 50% of your income based on commissions?)
  • Property type
  • Location of new home
  • Price range
  • How long you are planning to own the new home
  • Credit history
  • Assets
  • Income

If you are a first-time home owner, you will need to know additional information:

  • How much can you pay for a monthly house payment
  • What are you currently paying for rent

After you have the above information, there are 10 steps to obtaining a home loan:

  1. Pre-Qualification
  2. Credit Report
  3. Application
  4. Pre-Approval
  5. Commitment Letter
  6. Loan Processing
  7. Appraisal
  8. Engineer Report and Home Inspections
  9. Underwriting
  10. Closing