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Basic steps to getting a mortgage

Buying a home is an exciting thing, but there are a few steps to getting a mortgage that you will need to know before you start out on your journey of home ownership.

Step #1: Find a reputable mortgage professional. There are a variety of local mortgage professionals and loan officers that can talk with you about what loan type would work best for your finances. The goal in talking with a professional in the mortgage industry is to help you determine which purchase price is comfortable for you and what your monthly house payment will be at various price points. The loan officer will ask questions about your down payment, if you’ll need to sell another home in order to purchase a new one, what your monthly income is, and other specific financial questions that will help determine what you can afford. Once you have all of your questions answered, you can begin the process of filling out a loan application. Once that is completed, you’ll get a pre-approval letter from the lender.

Step #2: Documentation. Throughout the process of obtaining a mortgage, there will be a lot of paperwork. You’ll be asked to provide your lender with a lot of different supporting documents and information. Lenders have to follow a specific set of rules and guidelines so be patient during this process and try to stay as organized as possible.

Step #3: Underwriting and contract papers. Once all of the paperwork is in order, the lender will begin the underwriting process. Once you want to move forward in purchasing a home or property to build on, you and your real estate professional will work to get the contract paperwork written up to provide to the lender. After the home is inspected, the lender will order an appraisal and once that is done, there will be a final underwriting process. You’ll then be issued some important paperwork to sign and the final loan documents are drafted for your signing. As soon as those are signed, you’ll be the proud owner of a new home.

Finding the home that is perfect for you and your family is one of the best things you can experience in a lifetime. With the right planning and preparation, you have the opportunity to apply for a home loan and experience home ownership! Disclaimer: Alder Fine Homes is not a financial lending institution. All mortgage questions should be directed to a mortgage lender. We are happy to recommend lenders, but requirements change constantly, so talk to a mortgage professional.

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