Step-By-Step Mortgage Process
Are you looking to buy a new home? Are you unsure if you’re qualified for a loan? If you’re a first-time buyer or seller, trying to figure out your mortgage options can be confusing and extremely overwhelming. However, there are a few simple steps you can take to start the mortgage process. At Peak Finance, we want you to have the best information possible and prepare you numerous mortgage solutions. If you are in need of a Los Angeles mortgage broker, contact our mortgage loan experts today.
If you’re worried about your credit score, or if you want to get some quick tips to pre-approve and close your new home deal, keep up with this guide for a straightforward way to stay on top of your mortgage needs.
The best way to set yourself up for an affordable mortgage is to get pre-approved for a loan as soon as possible. With a pre-approval you will understand exactly how much money a bank is willing to lend you on a home purchase, which will guide you during your home search process. Knowing how much you can afford will save you from major headaches and will also help your real estate agent filter out any properties that are outside of your spending limit.
In order to get pre-approved, we will need to collect some paperwork from you, so we can process a credit history check. Once we have your credit score, along with some additional information like pay stubs and rent or mortgage payment history we will be able to let you know how much you are pre-approved for!
2. Finding a Home and Making an Offer
Once you’ve taken some time to shop around for your new home, you will become more familiar with what your wants and needs are. When you’ve found a home you really like, it’s time to make an offer. Your real estate agent will guide you through the negotiation process and put together a comprehensive offer for the sellers to consider. Your offer can include several contingencies including financial details, furniture left to the buyer, repairs, and much more.
3. Applying for a Mortgage Loan
Once you have an accepted offer, you will need to officially prove to the seller that you are approved for a mortgage that will cover the cost of the property. We will work with you to gather more of your work history and W-2 forms to submit to the underwriter. It’s important to be honest about your employment history, how long you’ve been working for your employer, and what your take-home annual income is. It’s also extremely important to curb your spending habits while you are waiting to be approved for your mortgage – any big-ticket spending raises a red flag with lenders and could put the entire transaction in jeopardy.
4. Closing Day
Once your mortgage loan has been qualified and approved loan docs will be put together during the closing period. You will have three days to review the terms of your loan and make sure that everything is in order. You can speak closely with your lender and real estate agent to answer any questions you may have regarding the entire process. Once the paperwork is finalized and signed you get the keys to your new home!
Los Angeles Mortgage Broker
At Peak Finance Company, we are passionate about helping you find the right finance solutions for your needs. You can trust our mortgage loan experts to help you find a product type that will work best for you and your financial requirements. To get pre-approved for a loan today, you can visit us online for more information or to schedule a time for us to talk. You can also give us a call at (877) 874-7325 to speak with a representative. As the top Los Angeles mortgage broker, we look forward to helping you!