We have partnered with several major banks and mortgage bankers to provide this service to our commercial clients. Please call Vito Piche' to discuss your particular needs and he will refer you to the appropriate lender. Review the information below to get a clear understanding of what to expect in today's credit market.
Financing a home can be a confusing and intimidating adventure. Unfortunately, too many people embark on this task without the correct information and preparation. In this case, such people often find that even when they make it through the process of securing a loan, they made mistakes along the way and end up a bad position. However, with a small amount of effort put forth on the front end, you can enter the home financing process confident that you will get just what you need.
Here are a few Tips for Successful Financing.
Be Prepared for the Journey
Whether you're trying to secure a purchase or a refinance real estate loan, you must follow a rather strict timeline. Depending on your level of preparedness, the process can be either smooth or rough. Before proceeding through the home loan process, start by taking the time to understand the system and make educated decisions.
A loan prequalification or pre-approval is vital to the loan process, since it allows you to obtain an estimate of your borrowing power. We highly suggest that you not skip this fast, easy, free step. With a written pre-approval (including a certificate guaranteeing you a mortgage to a specified amount), you won't waste time looking at homes you can't afford. Rather, you can focus your time and energy shopping for YOUR ideal home.
Know Your Finances
Determine how much you can afford to spend. While you may qualify for one amount, it might be too high for your actual budget. Set a monthly dollar amount that you feel comfortable committing to. Don't forget to figure in additional costs, such as insurance and taxes, interest, and principle.
Check your Credit Report
While any lender can quickly run your credit report, you should acquire a copy first. Then, you'll know exactly what is on the report and can address any dubious or inaccurate items. Be sure to clear up any financial problems that you can.
Look for the best loan costs, considering topics, such as:
Apply for a Loan
Gather all the documents required to verify your loan application:
Additionally, be prepared to supply your lender with financial documents, such as paycheck stubs, bank account statements, and tax returns. Check with your lender or broker for more information.
Secure Your Rate
Interest rates change daily. Locking your rate in writing guarantees you a certain rate and terms for a specified period of time. Lock in as many costs as you can. Push for setting the lock at the time of application, not at approval.
Close the Loan Process!
Depending on local loan process requirements, this step can be performed in person or by using a 3rd party escrow service. If everything proceeds smoothly and according to your established agreement, you'll sign many papers, exchange much money, and walking away a new home owner!