Four steps to Purchasing and Owning your own HOME!Are you in the preliminary stages of getting a home and thinking about getting a mortgage loan? The task of getting a mortgage loan can be rather difficult or easy if you are not prepared for what is to come.  It is helpful to see an overview of the process.  A Mortgage Planner can be useful in guiding you through this process, even before the search for a house begins.  The mortgage planner takes you through the four basic phases from the preliminary decisions through the final loan funding.  Let’s take a closer look at these steps:

Preliminary decisions
First step is making the appointment whether it be over the phone or in person with a trusted and qualified Mortgage Planner. The loan officer will help guide you down the right path in determining the type of loan that will benefit you most.  Based on factors such as your overall short and long term goals, employment history, income and debts, and credit history, they can decide the general amount that a lender would loan you and how large of a payment you would be comfortable in making.  They will also consider the best terms available and the legal ramifications of ownership.

Pre-Qualification      
Next, the Mortgage Planner will gather and review the necessary information (such as residence and employment history, assets, etc.) and run a credit score in order to give you a Pre-Qualification Letter.  This letter is perfect in presenting to the seller becfause it tells the seller that you are a viable buyer.  Now you are ready to look for the home that best fits all your needs.

Loan Application      
Now that you have found the house you want, made an offer, and the seller has accepted your offer, the next step is wrapping up the loan application.  You have already gathered much of the necessary information so from this point most Mortgage Planners will review to ensure that the application is complete and gather the remaining information whether it be your income documentation or asset documentation etc.. The appraisal, title work, and insurance binders will be sent to the lender leading you to closing.

Loan Funding
Once your loan is ready to close, the realty agents of both the buyer and seller will agree on an escrow/title company to serve as an agent in handling the loan closing process.  The Mortgage Planner will coordinate with the escrow agent to help make sure that your lender has all the paperwork they need in order to facilitate this final step.  The final stage of the closing process will require your signature on the formal loan papers and a copy of your drivers license.  Once you’ve signed all the papers the house is all yours! If you have any other questions or comments feel free to leave them here or visit our website at www.grattonmortgagegroup.com and contact us there.

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