Your decision is great, you just need to collect all the facts! Thank you our readers for meeting with us again, it’s always a pleasure to talk to you, friends from the US, Philippines, Australia, n Turkey 😉
It’s buyers’ turn to know few things about their home buying process.
Home Buyers’ Loan Tips!
It’s well known to most of us that if we decided to buy a home, we will need a loan. In other words, we will shop for a lender, in order to get pre-qualified for a certain amount of money, which will help us to know the range of price we will be getting a home for, unless we are millionaires, and we have the ability to pay all in cash.
If we are to get a loan, we’ve got to be patient. It’s a process like any other, but it requires to be ready with certain documents, such as your last two years pay-stubs, your last two years tax return, your monthly income, your previous addresses, your landlord agreement, your credit cards history, your bank accounts’ statements, enough funds for down-payment and closing costs, your employer’s info, and other identification items.
When you’re really serious about not to waste your time, or others’ time, the best thing to do is to prepare all the possible required documents. You can ask your realtor, or your loan officer about them.
Put all papers in a file, and divide it into sections. For example, one section for your employment’s history, another one for loans & credit cards, a third for bank accounts, another for current real estate you own, another for personal matters like divorce certificate of eligibility, etc. Organize.
In this way, once you meet with your loan officer, you’ll show all your papers, and you’d probably be able to know where you stand right away.
But if you do not have all your documents, you would need to have another meeting with another pack of papers, and it’s going to be taking forever to finish things up, not the way you want to, but unless you’re ready, others will not be able to help you the way you wish.
The loan process is composed of:
Pre-qualification interview, where all pertinent documentation are obtained by the lender.
Loan submission, when the loan package is assembled and submitted to the underwriter for approval.
Documentation, during which lender would ask for any supporting items.
Loan approval, when partied are notified of approval.
Documents are drawn, when loan documents are completed and sent to escrow. Borrowers sign final signatures with a Notary Public.
Order Documents, credit report, appraisal on property, verification of employment, mortgage or rent, and funds to close, landlord ratings, preliminary title report.
Funding which takes place when the lender review the loan package and funds are transferred by wire.
Recording of documents by the title company where the deed of trust is recorded at the county recorder’s office. Now the escrow is officially closed.
We do not wish to deceive you, or pull your leg towards something you are not yet ready to. The process of making a loan is not simple; it’s complicated, and it needs to be handled with accuracy to avoid causing any negative consequences for you in the future.
Be open and truthful with your realtor as well as your loan officer, because they will serve you better, when things are clear to them.
Wishing you good luck with your home hunting, and let me tell you this: although it’s a tough phase in your life, but it would be the dearest one to your heart.