When applying for a mortgage to purchase a home, there are many aspects that you need to be aware of. It is time consuming and at times, a very frustrating process. It is important to work with someone who understands the process completely.
- Get Pre-Approved: This process starts with providing the following information: Verify (2) year employment history, Obtain credit report, Verifying Assets (Two Months bank statements), Evaluate current debt ratio and verify down payment.
- Find a Home to Purchase: Contact a local real estate agent to help you find your next home.
- Complete the Loan Application for Full Approval: Meet with lender with contract to purchase property and title company information. That information is then used to complete your loan application.
- Order Appraisal: After you have had your property inspected, we order the appraisal.
- Obtain Conditional Approval: The underwriter, who approves your loan, will require additional information. Provide this information as soon as possible in order to close.
- Close on Your New Home: Your lender will attend your closing along with your real estate agent.
Buying a home is probably the largest financial purchase one has to make in his or her life. It is important to fully understand the process and work with a competent real estate agent and lender. Underwriting guidelines are constantly changing, therefore documentation required to obtain full loan approval consistently changes.
This, of course, at times can be frustrating, but it is important to comply with the requests. Making sure you have all of you financial documents in order will help alleviate any issues in the loan process.
This is a result of the fallout from the housing crisis from the past few years.
With today’s low interest rates, borrowers can save hundreds of dollars a month by refinancing their loans. If your mortgage interest rate is currently above 5%, you can refinance at little to no cost and lower your monthly payment.
This process is relatively simple and straightforward. Keep in mind that purchase loans take precedence over refinance loans, so it may take up to two months. Underwriting guidelines have changed dramatically, and you will have to provide a lot more documentation than you did when you purchased your home.
Feel free to call me personally to see if you can lower your monthly mortgage obligations at no cost. Rates are historically low, and you should take advantage of them.
The following link will take you to my secure website for your loan application. Fill it out completely. If you have any questions, feel free to give me a call. If you have not yet found a property, fill it TBD when it asks for property specific information.
At the end of the application, under the “Comments” section, please write “Christopher Raichart is my loan officer.”