Step By Step Process
Step 1: Choose Your Type Of Home Mortgage Lender
The very first step in purchasing a home is to choose the type of home mortgage lender you want to work with. You can choose a Bank, Credit Union, Direct Lender, or Mortgage Broker.
The very first step in purchasing a home is to choose the type of home mortgage lender you want to work with. You can choose a Bank, Credit Union, Direct Lender, or Mortgage Broker.
Step 2: Choose Your Loan Officer
Once you have chosen your home mortgage lender next choose a loan officer you feel is honest, has integrity, and are comfortable working with. If at any moment you start to question your loan officer's ethics or feel uncomfortable working with them just choose another one. Always remember the loan officer you choose works for you!
Once you have chosen your home mortgage lender next choose a loan officer you feel is honest, has integrity, and are comfortable working with. If at any moment you start to question your loan officer's ethics or feel uncomfortable working with them just choose another one. Always remember the loan officer you choose works for you!
Step 3: Discuss Your Loan Program Options With Your Loan Officer
You are allowed to choose any home loan program that you want to use. It is the loan officer's job to help you qualify for the loan program you are interested in. If you are not currently qualified for the loan program you want, discuss with your loan officer what you need to do to become qualified. Most loan officers only offer a homebuyer one or two loan program options a Conventional/Conforming home loan or an FHA home loan. There are numerous home loans programs available besides these two. Not all loan officers have the same education, experience or knowledge of different home loan programs so make sure to do your research and due diligence upfront.
You are allowed to choose any home loan program that you want to use. It is the loan officer's job to help you qualify for the loan program you are interested in. If you are not currently qualified for the loan program you want, discuss with your loan officer what you need to do to become qualified. Most loan officers only offer a homebuyer one or two loan program options a Conventional/Conforming home loan or an FHA home loan. There are numerous home loans programs available besides these two. Not all loan officers have the same education, experience or knowledge of different home loan programs so make sure to do your research and due diligence upfront.
Step 4: Get Pre-Approved For The Loan Program You Want
You want to get Pre-Approved for a home mortgage loan upfront before you contact a realtor, go out and look at houses, or start making offers on houses. It is important to get Pre-Approved first so you know the actual price of the home you can afford, know your total monthly mortgage payment, and know all the costs involved to purchase the home. Getting Pre-Approved requires your credit to be pulled to verify credit scores and accurately calculate your debt-to-income ratios. Your loan officer will verify your income with paycheck stubs, w2s, 1099s, and tax returns and verify your assets with bank statements to make sure you have enough funds to pay for a down payment and closing costs if needed. Once you are fully Pre-Approved for a home mortgage loan, you will receive a Pre-Approval letter to give to your real estate agent so you can start shopping for homes.
You want to get Pre-Approved for a home mortgage loan upfront before you contact a realtor, go out and look at houses, or start making offers on houses. It is important to get Pre-Approved first so you know the actual price of the home you can afford, know your total monthly mortgage payment, and know all the costs involved to purchase the home. Getting Pre-Approved requires your credit to be pulled to verify credit scores and accurately calculate your debt-to-income ratios. Your loan officer will verify your income with paycheck stubs, w2s, 1099s, and tax returns and verify your assets with bank statements to make sure you have enough funds to pay for a down payment and closing costs if needed. Once you are fully Pre-Approved for a home mortgage loan, you will receive a Pre-Approval letter to give to your real estate agent so you can start shopping for homes.