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Item Upon - The 5 Basic Steps to Getting a Mortgage
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If you are unfamiliar with the mortgage process - maybe you are a first time homebuyer, or have not purchased a home in a long time - below is a quick summary of the five steps in the mortgage process.
Prequalification
Before you actually go through the paperwork of a loan application you will be asked to "pre-qualify". Your realtor may refer you to a lender to get you prequalified so that when you look at houses, the sellers know that you are a serious buyer with the money to back up any offers you make.
In prequalification, the lender gather information from you about your income and debts, and makes a financial determination, subject to later verification during the underwriting process, about how much home you may be able to afford.
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Prequalification
Before you actually go through the paperwork of a loan application you will be asked to "pre-qualify". Your realtor may refer you to a lender to get you prequalified so that when you look at houses, the sellers know that you are a serious buyer with the money to back up any offers you make.
In prequalification, the lender gather information from you about your income and debts, and makes a financial determination, subject to later verification during the underwriting process, about how much home you may be able to afford.
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Before you actually go through the paperwork of a loan application you will be asked to "pre-qualify". Your realtor may refer you to a lender to get you prequalified so that when you look at houses, the sellers know that you are a serious buyer with the money to back up any offers you make.
In prequalification, the lender gather information from you about your income and debts, and makes a financial determination, subject to later verification during the underwriting process, about how much home you may be able to afford.
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In prequalification, the lender gather information from you about your income and debts, and makes a financial determination, subject to later verification during the underwriting process, about how much home you may be able to afford.
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It's good to know how expensive a home you can afford before you go shopping for one.
Application
The "application" is actually the beginning of the loan process, and occurs after you have found a property that you want to buy. You complete a mortgage application with the loan officer and supply all of the required documentation for processing. (tax returns, pay stubs, etc.) The type of mortgage best for you and the various fees and down payment options are discussed at this time. You will receive a "Good Faith Estimate" that itemizes the rates, payments, and all the costs involved in your new loan. At this time you may "lock-in" the interest rate of the mortgage at today’s going rate.
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