1) The first step is truly getting pre-approved. Many like to go look for a realtor and start looking for homes, but most GOOD realtors who have the ability to negotiate well on your behalf want to know that you are in fact approved first. Getting approved takes a phone all to your local mortgage professional and a 20-40 minute conversation about you, your employment, what you are looking to do, your budget on a home and a few more details. There are 3 main factors in the approval. Credit, Down payment amount that you have, and your debt to income. An approval with a professional can be done in minutes after a good conversation. (NOW YOUR APPROVED WHATS NEXT?)
2) The approval process is really the easiest part next you want to contact your local real estate professional. You can ask your lender to refer you to someone they know is good or contact a few yourself and hire who YOU believe will look out for your best interests. Now is the time to find a home that you love by letting your realtor know what you are looking for. (location, bedrooms, bathrooms, yard space, garage and anything else that is important to you so your realtor knows what to look for.)
3) Once you find a home you love now comes the time for you realtor and lender to shine. Your realtor and lender will help negotiate the best price for your home as well as work together to get concessions to cover costs, and your lender will work on getting you the best mortgage loan possible and educating you throughout the process.
4) Once your offer has been accepted you will start the lending process. Step 1 will be collecting documents for your loan officer so they can order the appraisal on the home. Step 2 is once the appraisal is back as well as title work and other things your loan officer and processor will be collecting they will send all your information to an underwriter. The underwriter will look at everything and if something is missing or an extra piece is required they will give your loan officer what is called conditions. Step 3 is fulfilling those conditions usually a pay stub, letter explaining something, and signing a few documents you will be CLEAR TO CLOSE. The process of buying a home is easy. Finding the right home for you and your families needs is the hard part.
Let me know how I can help or if you have any other questions.
James Peters
Sr.
Mortgage Right
Branch Manager -
NMLS# 157788
Office : 765-705-4197
Fax: 317-559-4557
Website: numberoneloanofficer.com
