Wouldn’t it be nice if all you had to do to obtain a home loan was snap your fingers? Unfortunately, few things are that easy. There are multiple steps to securing your home loan, so it can definitely get confusing. Working with a trusted mortgage broker is tantamount to ensuring that all of your hard work is rewarded with owning a great home.
The first step in the process is getting all of your paperwork together. This includes pay check stubs, W2’s, tax returns, bank statements and many other documents. Once the paperwork is all together, you can take the documents to your mortgage broker to get pre-qualified. Prequalification gives you a general idea of what the banks consider you to be qualified to buy.
After you are pre-qualified, you apply to get pre-approved for a specific amount. Showing the sellers that you’re pre-approved for a loan is a critical part of your offer to purchase their house. Not only does it show them that you’re organized and serious about your offer, it also gives them the assurance that you’ll be able to obtain funding for the purchase price you’re proposing.
Once your offer has been accepted, the banks go into high gear. They will request even more paperwork. Next, the home is appraised and the loan is processed. During this time, credit reports and paperwork are reviewed again. When the paperwork package is complete, it gets sent off to the underwriter.
During the underwriting process, you may be asked to submit a bit more paperwork. Don’t stress out; this can be a normal part of the process.
The aptly named last step is closing. Closing is when you sign all the paperwork and finalize the deal. Then you can let out a much deserved sigh of relief as the keys are dropped into your hands. You are finally a homeowner.
If you are ready to begin this process a great place to start is Delaware Pacific. They are located at 959 E. Walnut St. Suite 250 in Pasadena and can be reached by calling (626) 486-1775. You can visit them at www.delgrp.com.
