General Steps to Get a Mortgage

Here are the general steps to get a mortgage and the process to get a loan for a home:

1. Check your credit score: Before you start looking for a mortgage, check your credit score and report. A good credit score can help you get better loan terms and lower interest rates.

2. Determine how much you can afford: How much you can afford to borrow for a home can be calculated using internet calculators or by consulting a financial expert. This will enable you to focus your property search. Be careful though how much you can afford may not be how much you are comfortable spending!

3. Shop around for a lender:  Look for a loan by browsing around, but use extreme caution. It is acceptable to speak with them, but use extreme caution if you allow too many lenders to pull your credit, as this can lower your credit score. Keep in mind that if you are working with a realtor, they typically have a reliable lender they also use.

4. Pre-approval: After locating a lender, request a mortgage pre-approval. This will help you determine your affordability for a home and make you a more appealing buyer to sellers.

5. Find a home: Your real estate agent can help you choose a house that suits your needs and budget. Make an offer once you've located a house and discuss the terms of the sale.

6. Finalize the mortgage: Once your offer has been approved, work with your lender to complete the mortgage. Documentation including pay stubs, tax returns, and bank statements are required. The lender will also carry out a title search and obtain an appraisal.

7. Closing: Once the mortgage is approved, schedule a closing date. At the closing, you will sign the final paperwork, pay closing costs, and receive the keys to your new home.

Keep in mind that the mortgage process can be complex and time-consuming, so it's important to work with professionals who can guide you through the process and help you make informed decisions. Also, be prepared to provide additional documentation or answer questions from your lender throughout the process.

Are you thinking that now or in the near future maybe be time to by a home? You can Contact Melissa directly or you can Download my Ultimate Buyers Guide.

If you are thinking of BUYING in today's market I would love to help you. I have great people on my TEAM that can help you learn more about mortgages and how much you can qualify for and afford. 

Click the link above to fill out an application on their secure site to see what you qualify for or simple call Jane or Zach Johanns with New American Funding.

Check out the Mortgage Calculator Too!