I am interviewing companies.
after interviewing them do I just pick a broker or
call around and get quotes?
Then jump or how does that work?
Thanks!What are the steps in getting a mortgage?
You should get referrals from friends and neighbors, ask co-workers, tax consultants, attorneys, ministers and any other professional person you might know.
Mortgage brokers pretty much have the same programs, selecting one that is compatiable to you is important. One that has been in business for longer than a day.
This one mortgage broker will be able to quote you any mortgage program you are qualified for.
In order to find out the type of loan programs you are qualified for you will have to fill out a loan application, with a mortgage broker, which you can find one in your local telephone book. Make sure this mortgage broker or mortgage banker is able to do government loans such as FHA and VA loans if you qualify for one.
He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will run your credit report which will have your credit scores. These credit scores will determine your interest rate.
The amount of your monthly debt payments you are required to pay as per your credit report and the amount of mortgage you can take on based on your income will determine the amount of house you will be able to purchase.
When you speak with the mortgage broker you will need the following documents to complete the loan application, there will be others, but this will get you started.
#1 One month of pay stubs for each person that will be on the mortgage.
#2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment.
#3 Two years of federal income tax along with the W-2 that match.
Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home. In this pre-approval letter will be the amount of house you are qualified to purchased.
Once he gives you this pre-approval you may now find a real estate agent to find yourself a home or he might have a referral.
Now make sure before you get your pre-approval you and your mortgage broker go over all your options as to the mortgage programs you qualify for, the interest rate, monthly payments.
If you are getting a FHA, fixed rate, two loans to eliminate PMI like an 80/20 or one loan, if you are qualified for and approved for a 100% loan.
You should select the loan that best suit your financial condition at the time. That could be an adjustable rate loan. It could be a fixed rate loan for 5 or 10 years and then adjust. Some adjustable rate mortgages only adjust once.
Make sure your mortgage broker explain all your options so you may make an intelligent decision.
What might be good for one person might not be good for you, in other words just because your friends and all your real estate buddies are telling you about the great fixed rate they got, your financial situation might call for something else.
So select the best option for you and your financial situation.
You should also get a Good Faith Estimate (GFE) which will indicate the cost you will have to pay for getting this loan. It will also indicate the amount of your down payment.
Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign.
Your mortgage broker will now order an appraisal to show proof of the property value.
The mortgage broker might ask for additional information or documentation, don't get all up tight this is normal, just supply the information or find the documents needed.
After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home.
Before signing any loan docs make sure they say exactly what you and your mortgage broker went over when you decided on what mortgage program was best for you.
I hope this has been of some use to you, good luck
';FIGHT ON';What are the steps in getting a mortgage?
Part of your interviewing process should include getting quotes...not just rate, but all of the lenders fees. Ask for a ';good faith estimate'; in writing. I would be talking to 1 or 2 mortgage brokers (local) and 1 or 2 major banks like Wells Fargo, Bank of America or Countrywide. In my experience, a local broker can usually give the best deal, but can also give you the worst if they're not on the up %26amp; up. If looking in the Las Vegas area, contact me through my profile, and I'll put you in touch with a reputable local mortgage broker.
When you decide who to work with, get a pre-approval, find the home you're buying, and have your Realtor send a copy of the contract to your mortgage broker.
You should get some quotes but go with who has the most integrity in their diligence with you. Some people just care about getting paid and nothing else matters. These people can get the job done for you but there's nothing like finding a broker who'll get the job done but walk you through the process of getting a mortgage, keeping you full aware of whats going on thorughout the transaction. You can't beat that with a bat. I always suggest using someone local because there's nothing like being able to walk into an office vs being over the phone or the net. If youre in CA I know a great broker. His name is Ken, give him a call. +310-515-7488 he'll help a lot. Hope I helped.
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