f

Bryn Daring-Stewart - Bellefontaine, OH Realtor
Property Search
Featured Listings
Bellefontaine Real Estate
Area Information
Local Links
For Buyers
  
Wants Vs. Needs
Getting A Mortgage
Moving Checklist
Successful Buying Tips
Mortgage Calculator
Relocation
For Sellers
Use Our Moving Truck
About
Contact

 Getting A Mortgage 
Signed mortgage application and keys

When it comes to the loan process, there are several steps that one must go through. By making yourself familiar with it, you will better understand what is required of you and how you need to prepare. After all, the more knowledgeable you become the more comfortable and in control you'll feel.

1. Organize Your Documents

In order to obtain a mortgage, your lender will require certain documentation from you to make sure that you will have the ability to repay the loan you take out. Such documentation includes proof of employment, credit history, tax returns, pay stubs, bank statements, divorce and child support statements if applicable, and any other information that the lending company feels might be necessary. Changing jobs during the loan process could delay the closing.

2. Qualification

Before you apply for a loan, getting qualified will help you establish how much you can borrow. When purchasing a home, there are two options one may choose from to qualify for a loan. The first option, pre-qualification, is a quick process that usually happens in a matter of minutes. While pre-qualification is helpful, your other option – pre-approval – is more beneficial and gives you better leverage when negotiating with the seller. Getting pre-approved also lets you focus on homes within your price range instead of wasting time looking at homes that you won’t be able to afford. Finally, when it comes time to close, the process will go rather quickly since your loan has already been approved.

3. Find the Right Loan Program

While searching for the right loan program, there are many things to take into consideration. For example, you might want to think about how long you plan on keeping the loan. The length of your residence will determine the type of loan you want to get (i.e. adjustable or fixed). To figure out which loan program is the best, one will need to compare different programs and everything that each one involves such as rates, fees and points. Compare Closing Costs and APRs with each company. The whole process can be tedious and difficult at times, which is why a qualified loan officer can help you make the right decision.

4. Obtain Loan Approval

The process of obtaining loan approval involves the following steps:

  • Review of loan application (Be sure to fill it out completely).
  • Verification of credit history, employment history, assets such as bank accounts and mutual funds, property value and any additional information that the lender might require.  

There are also a few things that you can do to improve your chances of getting the loan approved.

  • For any requests of additional documents and information, respond promptly.
  • Shop for home owner's insurance and let your lender know what company you are using.
  • Do not make any major purchases such as a car or new furniture until the loan is closed. Increasing your debt can have the opposite affect on your application.
  • Make sure you will be in town for the closing date. If you cannot be there for the closing of the loan, you can carry out a power of attorney to authorize someone to sign on your behalf.

5. Close the Loan

Once the loan is approved, your next step will be to sign the final loan documents, which usually takes place in the presence of a notary public. Be sure to verify the information within the document, especially the interest rate and loan terms. Also check to see if your name and address are correct. Finally, don’t forget to bring a cashier’s check for your down payment and closing costs.

Site Mailing List 

Bryn L. Daring-Stewart
Royer Realty Ltd.
Royer Realty Ltd.
301 E. Columbus Ave.
Bellefontaine, Ohio 43311
Direct Line: 937-592-3371
Text Messages: 937-441-3671
Fax: 937-593-6972
Email: Bryn@SellWithBryn.com   

PRIVACY POLICY 
Bryn Daring-Stewart is the sole owner of the information collected on this site. Neither Bryn Daring-Stewart nor the team associates will sell, share, or rent this confidential information to others. Your privacy is the primary issue for Bryn Daring-Stewart.

CONTACT POLICY
By submitting personal information such as name, address, phone number, email address and/or additional data, the client/prospect gives permission to Bryn Daring-Stewart or her authorized representatives to contact client/prospect by phone, U.S. Postal System, or email. Permission extends whether or not client/prospect is participating in a state, federal or other "do not contact" program of any type.

Real Estate Web System Provided by:

Pro Step Marketing

Site Map

Copyright© Bryn Daring-Stewart, REALTOR®, All Rights Reserved.

Site Powered By
    prostepmarketing.com
    Online web site design