Mortgage Bonney Lake

What is the home-buying and mortgage process?

First, a home buyer often gets pre-qualified. Getting prequalified is a great idea because the homeowner can be equipped with the valuable information of how much home they can afford.

Second, the home buyer finds a mortgage that fits their particular financial situation.

Next, there are certain actions that a home buyer needs to take to submit an application for a mortgage.

Last, a home buyer prepares for closing. This step includes obtaining a closing disclosure from the lender which shows the terms and conditions of the agreement.

Find a lender
Depending upon your needs, a real estate agent can help you not only find your home, but get in touch with a top industry mortgage lender. See below for more information.

Get Pre-Approved
Getting pre-approved before you actually try to buy a home is a wise decision. The process of this starts by choosing a mortgage specialist.

Don’t worry. At Barrans Realty, we’ve got your back. As real estate professionals, we know the industry (including the home mortgage aspect). We partner with some of the best lenders in the industry, and can connect you with the right lender for you.

Loan Officer Bonney Lake

A loan officer can help you get pre-approved for a loan before you start shopping. This way, you will know what kind of home you can afford (saving you time and energy). A loan officer looks at your financial information to estimate your budget. This information includes your income, assets, and debts. You would typically provide the loan officer with documents such as pay stubs, W-2 forms, Federal Tax Returns, and recent bank statements. They will also assess your credit report. It is important that you obtain a pre-qualification when you choose a loan program.

Overall, getting prequalified is smart because it will help you choose your home faster.

Mortgage Officer Bonney Lake

Because every home buyer’s situation is a different one, their mortgage needs will be different as well. With so many different loan programs out there, how do you know which one is right for you?

If you have good credit, a conventional mortgage may be a great fit for you. Usually, these have more loose restrictions than, for example, a government-backed loan. Federal Housing Administration loans may be a good choice for those with low credit and offer small down payment options. Veterans Affairs are great for Service Members. Overall, there are plenty of options which means that there’s a great chance that you can find one that fits you.