Steps to Securing a Mortgage
If you are getting ready to start looking for your dream home. I recommend that you take some time and do your due diligence and get a mortgage pre-approval.
Following, are three easy steps that are crucial to finding your dream home. Getting you financing in place is the first step in the home buying process. You can’t shop for a property if you don’t know how much you can spend.
1. Finding out your credit rating
Getting your finances in order is probably the most important step you should take before looking for a home. If your credit rating is poor, you’re going to have a hard time not only getting a mortgage at a decent rate. Your credit reports are an ongoing look at how you manage your finances. Financial reports play an important role in the mortgage approval process and in determining the interest rate you would be offered and other loan terms.
2.Familiarize yourself how mortgages work
Make sure you familiarize yourself with the mortgage rules and structure every company has different outlines. This will help you decide on the right lender and type of loan you should be looking at this is vital to your home buying process. Don’t be afraid to shop around a bit make sure you have an understanding of the basics and meeting a qualified mortgage specialist will make the process easier.
3. Applying for Pre-Approval
This is the first step to getting a mortgage. Do you know how much you can afford to spend on a home? Getting a pre-approval will provide you with the max price range you can afford so you don’t step out of your comfort range. For a mortgage pre-approval, you have to provide supplemental documentations proving your income, the source of your down payment, and your assets and liabilities. Some lenders will give you written confirmation or proof of pre-approval. It’s important to note that when you’ve been pre-approved, the only thing that’s being guaranteed for the 60-120-day period is the interest rate.
If you follow these steps you are one step closer to finding that dream home of yours. If you need any recommendations on lenders I will be able to set you up with very skill individuals.
