If you’ve thought about buying a home but don’t know where to start, you’re not alone!
Your mortgage will likely be one of the largest financial transactions you ever complete. Although the whole process may seem incredibly daunting, especially for first-time home buyers, as a Mortgage Solutions of Georgia loan officer, my #1 priority is to simplify the process and seek to provide the most efficient and simplified mortgage experience possible.
Obtaining a home loan should always start with a conversation with a mortgage advisor, like myself, to discuss everything from your financial goals to employment history, as well as any other factors that may be relevant to the home buying process.
At this time I'll ask you to fill out an application that will help me better determine the absolute best loan products available for your particular situation and goals.
In order to determine how much a lender is willing to lend you and at what interest rate, they must first take a look at your income, assets, and credit.
Preapproval will give you a more precise idea of how much of a loan you will receive, allowing you to narrow your upcoming real estate search.
Some common documents that may be needed for the preapproval process are: Personal Identification (government-issued ID and photo such as a state-issued driver’s license, ID card, passport or U.S. alien registration card); Social Security Card ; Your most recent pay stubs; Bank statements (checking and saving account numbers and statements for each bank you have used for the last 2 to 3 months); Tax documents (copies of recent tax returns and W-2 forms); Investment account statements (eg. 401(k), 403(b), IRAs, stocks, bonds and mutual funds); List Of Monthly Debts (eg. rent or mortgage, car loans, student loans, credit cards, personal loans, insurance, medical bills); Rental Information and Landlord References; Gift letters (if you've been given money to use as a down payment); Credit Report (pulled by your lender with your permission).
Anyone who's grown up on HGTV's 'House Hunters' will know this is the fun part! Once you've received your approval letter with the amount of your loan, get out there and search tour some real estate with your real estate agent.
Once you find a home and make a offer that the seller accepts, we're ready to move into the final stages of the process.
At this point, an appraisal of the property will be ordered and an underwriter will thoroughly verify the details and documents that you submitted during the preapproval stage.
As this step wraps up, you’ll receive a Closing Disclosure which tells you everything you need to know about your loan, including your monthly payment, down payment, interest rate and closing costs.
Everything your mortgage advisor and real estate agent have done up to this point should lead to a smooth closing day! At closing, the final paperwork is gone over and you’ll have a chance to ask any last-minute questions you may have about your loan. After you've signed your loan, CONGRATS! You’ll receive the keys to your NEW HOME!
Whether you’re just now considering buying or have been searching for a bit, get in touch and let’s discuss your mortgage options!
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Amanda Gates
NMLS# 1555387