Mortgage loans are different than personal or auto loans —Your home investment will take time, planning, and a clear understanding of the process.
To help increase your odds of getting into your preferred house in this booming housing market, we’ve outlined how to get a mortgage, so you know exactly what to expect from the mortgage loan process and how to start preparing today.
To increase your odds of acquiring your dream home, we’ve outlined a game plan to help navigate your financing experience.
Mortgage Preapproval Checklist
Shop Around for Mortgage Lenders
Not that you’ve chosen your home, choosing your ender is equally vital. Each lender offers their own rates and qualifying requirements; take time to find a lender that meets your specific financing goals – shopping different options will improve your home buying experience.
There are plenty of lending options to choose from these days, so be sure to spend some time shopping around for the one with the communication style you prefer, the programs you need, and the rates you want.
Once you’ve homed in on a handful of preferred lenders, it’s time to get preapproved. A preapproval provides a snapshot of your rate, loan amount, closing costs and fees available to you.
A preapproval indicates how much you may be able to borrower but does not guarantee loan approval, other lending conditions will apply.
We recommend you gather at least three preapprovals to optimize your search of best rates between lenders.
Collect the Required Documentation
In order to get a complete and accurate picture of your credit and financial standing, a lender will need lots of documentation. Below are some examples of items you should have on hand, ready to go when you start the preapproval process:
- Copy of driver’s license and Social Security card
- Two of your most recent pay stubs
- At least two months’ worth of your most recent bank statements
- Your two most recent tax returns and W2 forms
When all the documentation has been reviewed by the underwriter, the lender will provide a preapproval amount, which will be your maximum loan amount. This is when the fun begins!
Find Your Home
Now that you are equipped with your maximum loan amount, you can start your home search with your preapproved price range. Various options (Zillow, Redfin, Realtor.com) are at your fingertips to identify home choices. Keep in mind these resources contain general information, so it is also a best practice to work with a reputable real estate agent who has the knowledge and resources to guide you to homes for which you qualify.
How Long Does It Take to Get a Mortgage From Here?
Preapproval, check. Offer accepted, check. Next up is the appraisal and loan application. This process may take 45 to 60 days, although each specific consumer may have scenarios that take longer to get .
Mortgage Loan Processing Steps
Once you’re ready to begin your loan process, your chosen lender will gather income, assets, and credit documentation to complete your loan application. Your loan officer will help you decide the loan option that best meets your goals and together with your lending team, will help you begin and navigate the loan process.
The next step includes verifying the information provided in your loan application along with collecting information on your chosen home. This is all packaged and delivered to your underwriter for review. Note, there may be additional items required to complete your final loan approval. Once fully approved, the final step is your closing process, during which your home buying process is complete.
Make Your Mortgage “Mission Possible”
At a glance, the mortgage loan process can appear overwhelming.
Fortunately, Mission Loans is on a mission to ease your process of getting a mortgage loan. Our variety of loan products aim to provide more options that serve more consumers. Contact us today to start on the road to getting home.
©2021 Mission Loans, LLC – Corporate NMLS ID # 210853 located at 5686 Dressler Road, NW, Canton, OH 44720. All rights reserved. For all licenses, visit http://www.nmlsconsumeraccess.org/ or www.realestateinvestorloans.missionloans.com/state-licensing/. Mission Loans strives for compliance with all applicable state laws and federal regulations pertaining to mortgage lending, advertising, and marketing laws. THIS PRODUCT OR SERVICE HAS NOT BEEN APPROVED OR ENDORSED BY ANY GOVERNMENTAL AGENCY, AND THIS OFFER IS NOT BEING MADE BY AN AGENCY OF THE GOVERNMENT. All applications are subject to underwriting guidelines and approval. This does not constitute an offer to lend. Not all applicants will qualify for all loan products offered. All loan programs, terms and interest rates are subject to change and/or discontinuance without advance notice. Equal Housing Opportunity.