The Mortgage Process
Buying a home is an exciting experience, it can also be stressful and challenging. There are a lot of steps that need to be completed and understanding the process will help make the experience less stressful but also help you make the best decisions along the way. There are many resources you can tap into for guidance and support including community organizations, government housing agencies, real estate agents, and loan officers. It is highly recommended that you use these resources along your path to homeownership.
It will be very tempting to start shopping for homes right away, but the first step should always be to determine how much you can afford. There are housing counseling agencies that can help you determine what this amount is. For a list of housing counseling agencies check out www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm.
There are different types of loans and your loan officer will help you determine which type is best for you. The next step after determining the type of loan is to complete the application accurately and completely. Remember, all your personal information on your application is confidential and protected by federal law.
Types of Home Loans
- Convential (ARM) Adjustable Rate Mortgage
- FHA & FHA Rehab
- VA (Government)
- USDA (Government)
- Jumbo (Conventional)
- HARP (Refinance Only)
- State Housing Authority (Government)
- Home Equity Lines (Second Mortgages)
- Important Documents You Will Need to Complete Your Application:
- Paycheck stubs for the past 30 days
- W-2's for the past two years
- Information regarding long-term debt such as your car and student loans
- Recent bank account statements
- Tax returns for the past two years if you're self-employed
- Proof of any supplemental income
- Your Credit Report Includes:
- List of all your debts and a history of how you've paid them
- Bills that have been referred to a collection agency
- Public record information such as bankruptcies and tax liens
- Inquiries into your creditworthiness
The mortgage and closing process can be very stressful due to the amount of steps that need to be taken and the amount of paperwork that you will be signing. Remember to not feel rushed throughout the process and also during the closing process. Don't be afraid to ask questions regarding the legal terms in the closing documents. This will be a very rewarding day for you, take pride in the fact that you are now a homeowner and that you have a home that your family will enjoy for years to come.
Skyline Properties highly recommends working with Movement Mortgage, the #1 fastest growing mortgage bank. Movement Mortgage is known for closing loans within 7 days! As a matter of fact, they currently close 70% of all their loans within 7 days of receiving the application. Learn more about the Movement Mortgage difference!