It can take anywhere from30 to 45 days to complete the mortgage process in the United States.
This time quickly goes by when you could be using it to buy a new home and move forward.
If you are planning to move, you must understand the process of getting a mortgage.
Continue reading to discover the simple steps you must take to get a mortgage for your home!
Apply for Preapproval
The first step to get a mortgage is to apply for preapproval to determine how much a lender is willing to lend.
Depending on the lender that you are working with, you will have to supply them with information about your income, credit history, and assets. This information will help them determine how much you qualify for and if you are trustworthy to pay them back.
Once you have successfully applied for preapproval, you will receive an approval letter. This letter will state the amount that you are preapproved for and is crucial while looking for homes.
Make an Offer on a Home
After you have been preapproved you can go house hunting and look for your dream home.
Looking at different housing is one of the best parts of moving because you get to see so many options. When you have found a home that you love and see yourself living in, it is time to talk to the realtor and make an offer.
The housing market has been more competitive than normal these last few years, so you don’t want to wait long. Find a reasonable price that you are willing to pay and submit it to the seller’s realtor.
Go Through Verification
If the seller has agreed to your offer and wants to sell them your home, it is time to go into further details.
An underwriter will further examine your financial situation and assets. They will determine the final number that the lender is willing to offer. All of this is based on evidence of your finances and appropriately documented.
This is also the time to go through a home appraisal to ensure that you aren’t over or underpaying for the house. Check your state for other inspections that may need to occur.
Close On the Home
Before officially closing on the home you will receive a Closing Disclosure that gives you all of the information you need.
This disclosure will include information about your loan, monthly payments, and interest rates. When the loan is approved you can then hold a closing meeting to confirm the purchase.
The closing meeting is the last chance you will have to ask questions and make any changes to the agreement. Bring your photo ID and down payment to the meetings to officially close on your new home!
After you have closed, you can then move in and begin making monthly payments to your place.
Quickly Get a Mortgage
If you want to get a mortgage quickly, you can do so by utilizing the steps in this guide.
By getting your preapproval taken care of, you can begin looking for your new home. This may take some time but once you find the one, make a reasonable offer to the sellers.
With any luck, the sellers will accept your offer and your finances will be looked into further. Don’t be afraid to talk to your realtor about this process to learn more.
Be sure to check out our blog for more articles about buying a house and getting mortgage loan approval!