Are you looking for mortgage loan services? The mortgage process can get highly complex, but getting a home loan doesn’t have to be. If you want to buy a new house, getting a mortgage by yourself will be a hectic task. This can be refined when you know the steps, the next move and the overall process.
Is Getting A Mortgage By Yourself Better Than A Mortgage Broker?
It may look like a cheaper option to get a home loan by yourself, but in the initial step of pre-approval, you will need the help of the mortgage broker. So, it’s recommended to hire a mortgage agent who can help you make the process easier. The mortgage broker will access your credit score, assets, debts, and other cash reserves. This gives him the knowledge of what kind of homes you can buy and what type of loans are good for you.
The tips below can help put you as you begin your homeownership journey.
Get Pre-Approval
The first task you need is to get a pre-approval. A mortgage broker and agent can help you get a pre-approval. Pre-approval is nothing but the know-how of your financial condition to know the current ability and limitations.
Stack Up Your Documents
To get a pre-approval, you need some documents like bank statements of previous months, balance sheet, your credit score, pay stubs and tax return. But to apply for a home loan, you need more documents which are listed below:
- Employment certificate
- Last three-month pay stubs
- Past two years W-2s
- Profit and loss statement, if self-employed
- Government-issued identity proof and photo ID
- Bank statements of saving, checking and brokerage account
- Property documents
- Credit history
Your credit history gives a glimpse of whether you will be able to pay back the mortgage loan or not.
Start Applying For A Home Loan
Now it’s time to start searching for the home that fits your budget and suits you the best. The broker can get you the best mortgage possible with a low-interest rate that fits your needs and is according to your credit score. The mortgage broker’s responsibility is to provide you with the best loan possible. Getting the mortgage by yourself may not give you the best available loan possible, but the lender has networks and can negotiate to provide you with the best mortgage rates.
Complete Mortgage Processing
Once you finalize your dream home, choose the best lender to get a mortgage against your property. It’s time to initiate and complete the process of loan estimates. Your lender will provide you with the loan estimate with the documents and require you to bring it back with the consent within ten days. Your loan estimate will enlist all your documents, id proofs, your down payment and other essential briefings for the mortgage.
Prepare For Your Closing
Once you accept the loan estimate, it’s time to close the deal. The mortgage underwriters will conduct a home inspection and check all the documents and other aspects to approve the home loan. Once they have assessed your mortgage application, they will give you the offer to accept it as it is or with some conditions. When you’re close to the end, you will receive a closing disclosure from the lender. This shows the terms and agreement letter with your final costs.
Once you sign the agreement, congrats, you have been approved for the mortgage loan. The above-stated five simple steps look easy but contain many speed breakers that become worse when you’re getting a mortgage by yourself. The mortgage agent makes the task easier and smoothens the process.
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