| #1 |
Decide which type of mortgage is right for you |
| |
The 2 most common types of mortgages are Fixed Rate Mortgages and Adjustable/Variable Rate Mortgages. Lenders will typically offer the 15-year and 30-year option for both Fixed Rate and Adjustable/Variable Rate Mortgages.
The interest rate on an Fixed Rate Mortgage never changes from the moment you lock-in your initial rate. A fixed rate mortgage offers security and regularity. When rates are low and you plan on staying in your new home for a while, it's an ideal option. An Adjustable/Variable rate mortgage allows the borrower to take advantage of low rates -- the interest rate is calculated on an ongoing basis at prime minus a set percentage.
I can also go over the available programs with you and see what works best for you. |
| |
|
| #2 |
Determine How Much Mortgage You Can Afford |
| |
Use our Mortgage Calculators to calculate your monthly mortgage payment and find out how much you can afford. Generally speaking, to qualify for conventional loans your housing expenses should not exceed 28% of your gross monthly income. Furthermore, most banks look for an overall debt to income ratio not exceeding 36%. |
| |
|
| #3 |
Check Your Credit |
| |
This way we can see what you programs are available to you. |
| |
|
| #4 |
Get pre-approved or pre-qualified for a loan |
| |
The first thing you should do when shopping for a home is become pre-qualified, or better yet, pre-approved, for a loan. The process involves filling out a short application. To expedite the process, this application can be submitted over the phone or even on-line!
I will use the information you submit and your credit scores to determine how much you are able to borrow. This information is very helpful because you will know what homes you can afford and you won’t waste time looking at homes you can’t afford. |
| |
|
| #5 |
Collect all the necessary information |
| |
I will need to know your employment history, finances and information about the house you are buying. Once you are ready to purchase a home, you will need to gather some, if not all, of following information:
Click here to view a complete Loan Checklist
Please note, this is only a guideline and not all of the information may be needed.
|
| #6 |
Submit the loan |
| |
We will prepare all of the documentation and submit it to the bank. |
| |
|
| #7 |
Getting updates on your loan |
| |
You should expect the loan process to take about 30 days. You can track the status of your loan by clicking on the following link:
The next step is to close your loan and buy your home. Congratulations! |
