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"Home Loan Process"
Well folks, there’s a reason why we are where we are today in home mortgage lending. I’m here to tell you that not everyone who qualified for a home loan during those years, should have or would have if we put the true tests of Financial Responsibility into action. Shocker, I know.
Whether you’re looking to start the process of buying your first home today or a year from now, we want to help you to understand the process and get your questions answered! It’s truly about your timing and we believe that knowledge truly is power when it comes to buying your first home.
Step 3: You’ve Found A Home, Now What? At this point, you will be signing property specific loan documents for your final loan approval based on the exact details of your purchase agreement and closing date. We will review all of the numbers again, finalize any first time homebuyer assistance, discuss locking in your interest rate, obtain updated documentation from you (very likely updated paycheck stubs and bank statements as those items expire) and sign all necessary loan disclosures to move into the next stage in the loan process.
You’re submitted your application and supporting documentation – what’s the next step?
It’s time to talk details now. You’ve supplied everything you needed to in order to get the process started. Credit has been reviewed, taxes, paycheck stubs and bank statements have been sent in and your pre-qualification is validated. Now, here’s where the education really starts!
It’s time for a sit-down, in my in my book, this is the most important meeting you need to have before buying a home. It should be face-to-face, but can be handled over the phone if necessary.
If the appraisal doesn’ meet or exceed the purchase price, you will not be able to finance the property as planned. You will need to cover the difference between the appraised value and the purchase price in cash. In most circumstances, this is not an option.
Your offer has been accepted on the home, now comes the home inspection. A great home inspector will not only tell you what is wrong with the home, but will inform you of the upcoming maintenance issues as well as long term issues you may come across.
I cannot say enough about how wonderful Carrie was to work with. She truly
cares about her customers and she was very knowledgeable about the mortgage
process. Nichole and Donnell were also exceptional and made a miracle happen when least expected…
One of the most common questions first time homebuyers ask is, what’s all included in my payment? If you put less than 20% down, your mortgage payment will include 4 parts known as PITI:
When you are buying your home, you will hear a number of terms, some synonymous with others…. Some may conjure up the same image yet be very different. Lets look at one of the those examples of mistaken identity.
Appraisals and Inspections
When you see the word DISPUTE on a credit report, you have an instant stopper in closing on your home. Sure, you may have a 740 credit score and have followed all the tips to keep your credit looking fantastic, but the devastation of a dispute isn’t as widely recognized. Why does a dispute on your credit report matter? Read on….
Watch this video for information on the upcoming First Time Home Buyer Class
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