GETTING A MORTGAGE

Living Lake TahoeGETTING A MORTGAGE
Obtaining a mortgage is the biggest financial move most people will make in their life. That being said there are a number of steps in the mortgage process. Our team will help you go through the steps needed to have a smooth loan process.

Get Your Documents in Order

The lender is going to require a number of documents from you to ensure you have the financial capability to repay the loan you are requesting. Having these documents available prior to requesting a loan will speed up the process. These documents can include;

-Credit Reports

-Bank Statements

-Tax Returns

-Child Support

-And More

Getting Qualified

Initially there are two ways to begin your qualification process. You may choose to get Pre-Qualified or Pre-Approved. There are benefits to both of these, although you will have to get approved eventually.

Pre-Qualified. Getting Pre-Qualified is a fairly simple process and can usually be done online. The lender will get a basic picture of your financial situation and give you an estimate of what you would be approved for. This number is based on the information you have given the lender and is not a guarantee. A Pre-Qualified buyer does not carry the same weight as a Pre-Approved buyer.

Pre-Approved. Getting Pre-Approved is a much more in depth process. You will fill out an official application (a fee may be involved) and provide the lender with official documentation. After the files are reviewed and verified the lender will give you the specific amount you are approved for. This will also provide you with a more accurate interest rate. Being Pre-Approved allows the buyer more leverage at the negotiations and allows you to move quicker on a home.

Choosing The Right Loan

Most lenders offer a variety of different loan types depending on your situation and goals. For those looking to make a long-term home purchase or for those interested in safety, fixed rate mortgages are typically the best way to go. These offer predictable monthly payments that never change over the course of the loan. The most common terms are 15 or 30 years.

Closing The Loan

The final step in the mortgage process is closing the loan. This is the process of reviewing and signing all of the paperwork for your loan. This will take place in the presence of an attorney or notary. When closing your loan it is important to review all the documentation carefully and ensure the terms are what you have agreed upon.

If you have any questions on the home loan process fill out the form below.

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