1. First you have to choose a home loan that is right for you. Keep your ears open to trust worthy sources. Most likely you have a friend or relative who recently bought a house, who did they get their loan from? What kind of tips of suggestions did they offer? Friends and family are best bets first. Once you find a reputable source, you will have a meeting to talk about the loan payment options and the best loan that is right for you.
2. Next, you will go through an application process that involves lots of paperwork including your recent W-2 forms. Once they have received the proper paperwork, your income and employment history will be reviewed to ensure you are qualified to purchase the house.
3. Following that, discussions of assets and down payment options and closing costs will be reviewed. The loan officer will do a credit check and see if you are at all a possible risk to loan money to.
4. Your future home will be appraised. There will be an appraisal on your home so that you won’t be paying more than it is actually worth.
5. After you are given a clear title, you will have to purchase some home owners insurance.
6. Your loan officer can provide some good suggestions or point you in the right direction for steps to take on home owner insurance.
7. Now you are approved and it’s time to close. You will have to sign legal documents and pay closing costs. This may include surveying, taxes, insurance, attorney fees, agent fees, points, loan origination fees, PMI, and a balance of a down payment.
Was it easier than you thought? Most first time home buyers think so. Once you have gone through these steps with a qualified loan officer, you will be a home owner. Congratulations! Now you can decide on more important things like house paint and wallpaper.
2. Next, you will go through an application process that involves lots of paperwork including your recent W-2 forms. Once they have received the proper paperwork, your income and employment history will be reviewed to ensure you are qualified to purchase the house.
3. Following that, discussions of assets and down payment options and closing costs will be reviewed. The loan officer will do a credit check and see if you are at all a possible risk to loan money to.
4. Your future home will be appraised. There will be an appraisal on your home so that you won’t be paying more than it is actually worth.
5. After you are given a clear title, you will have to purchase some home owners insurance.
6. Your loan officer can provide some good suggestions or point you in the right direction for steps to take on home owner insurance.
7. Now you are approved and it’s time to close. You will have to sign legal documents and pay closing costs. This may include surveying, taxes, insurance, attorney fees, agent fees, points, loan origination fees, PMI, and a balance of a down payment.
Was it easier than you thought? Most first time home buyers think so. Once you have gone through these steps with a qualified loan officer, you will be a home owner. Congratulations! Now you can decide on more important things like house paint and wallpaper.