What’s With The Thousand And One Mortgage Application Questions?

My spouse and I finally decided to make the “big move” (no pun intended!) and buy a little house that we can call our own. So, without having any previous experience of how a home loan works and what is needed, we set out to quickly complete this straightforward process… Man, oh man, were we brought back to reality in a jiffy!?

Getting a home loan is not something you can quickly finalize while having a cup of java! It is quite a long, involved procedure and can be very overpowering if you do not know what to expect. Let’s look into the million and one steps (well, almost!) to obtain a home loan:

(It’s actually quite ironic that it takes “lucky 13″ steps to obtain a home loan, don’t you think?)

Step 1: Find the house you wish to buy. Don’t giggle - this is not as obvious as it sounds. Many people would like to get a general idea of how much they’ll be able to borrow, before starting the big house hunt. Most home loan organizations will on the other hand require a offer to purchase or related document to get the process started.

Step 2: Choose a lender. There are many different lender companies available. Chat to relatives and buddies and get recommendations on which companies might be the best choice.

Step 3: Complete a loan application. This is purely straight forward - just make sure you have all your personal information available.

Step 4: Get an idea of costing. Ensure that you have a clear knowledge of all the expenditures that will be involved with the process - for example legal fees and transfer fees.

Step 5: Compare costs. Not all home loan companies will offer you an equally great deal.

Step 6: Negotiate costs. If you are not wholly pleased with the deal on offer, see if you can negotiate a better deal. Plead, grovel or threaten if required (just kidding!).

Step 7: Commit to a specific lender and interest rate. Now you are set for action!

Step 8: Supply the required info. Ensure that you have all the necessary information - proof of income, proof of expenses, marriage certificates and all other paperwork.

Step 9: Pay any up-front fees. This might be in the form of credit profiles or processing costs.

Step 10: Review the loan agreement. Make sure that the loan matches the first quotation you obtained and that all information, terms and conditions are in order.

Step 11: Sign on the dotted line. No explanation needed here.

Step 12: Make another payment. Normally , this is by means of a down-payment and will not always be relevant.

Step 13: Hurry up and wait. The waiting time depends from home loan company to home loan company. Get the sparkling wine on ice at the same time, so that you are ready to rejoice when you get the good news!

Finding and buying your dream home shouldn’t be a nerve-racking process - keep the above steps in mind and you will be okay!

Cet article a été posté le 28.1.2011 à 18:26 et est classé sous Général. Vous pouvez consulter toutes les réponses à cet article via le flux RSS 2.0. Vous pouvez laisser une réponse ou effectuer un trackback à partir de votre propre site.