What to Expect When You Start The Mortgage Process

posted in: Mortgage | 0

 

The mortgage process can seem very daunting to first-time home buyers. But there are a lot of options that you can choose from and we specialize in creatively finding you financing within your current situation.

These are the steps you will take to finding the best mortgage (loan):

  1. Prequalification:

This determines what you can and cannot afford as far as the size of the loan, the monthly payment, what you are comfortable with, etc.

The four main areas of qualifying:

  1. Income
  2. Credit
  3. Assets
  4. Size of Down Payment

2. We will ask you a series of questions to get you started.

– Where is the property located?

– What type of property are we dealing with?

– What is the purpose of the loan? (business to use to earn money or consumer to live in)

3. We will discuss your options with Institutional or Private Money Loans

 Institutional Loans require all four areas of prequalification to set you up with a loan (Income, Credit, Assets and Size of Down Payment). It is a difficult and time-consuming process. But this is the most standard loan process people go through to buy their homes – think standard 30-year-fixed and 15-year-fixed mortgages. We have a fast turnaround rate on these types of loans and can guide you through every step of the way.

A Private Money Loan is based off the equity you already have with your finances. We rarely check your credit history for a Private Money Loan. These are good loans to get if you have a bankruptcy or foreclosure in your history. There are many creative ways to have a Private Money Loan. They can last for as short or long as you need the financing.

4. Once you decide which loan is best for you, we start the loan application process.

Then you are well on your way to getting a mortgage to buy property!

This may seem overwhelming but we are experts in mortgages with over 30 years of experience. We have seen it all.

Please come to us with any questions. We are happy to answer them and guide you through the process.

 

-CHECK US OUT ON SOCIAL-

Facebook

Twitter

YouTube

LinkedIn

Yelp