How to Get a Home Loan: The Mortgage Process
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Transcript of How to Get a Home Loan: The Mortgage Process
Step 1: Pre-qualifyRemain open and honest about the
information
Provide accurate numbers or you could
damage your credibility with lenders and
affect your ability to get a mortgage
Fully disclose anything the lender may
need to know
Step 2: Pre-approval
Being preapproved can make the
home buying process move faster
Preapproval will also tell you how much
you can afford, therefore, helping you
narrow down your search for a home
Step 3: Find Your Dream Home
Try to stay within your budget falling in
love with a home you can't afford can
ruin your search
Step 4: Make an Offer
Don't make an offer higher than what the
property is appraised for
Your cap offer should be the maximum
appraisal price to ensure your bank will
provide the loan amount
Step 5: Lock in Your Interest Rate
If you have made it to this step your offer
has been accepted and your interest rate
will not change
Step 6: Underwriting
Always respond to the underwriter
promptly and provide them with all of the
information they may need
Step 7: Close To make sure you know what you are
signing, ask to see some of the
documents ahead of time for your review
This will ensure you are prepared the day
of signing and if you have any questions
about the documents you will have them
ready at closing
Step 8: Time to Move!
The last and most exciting 'step' of the
mortgage process is moving into your
new home!