How to Apply for a Home Loan
Once you decide to buy a home you have to figure out how to make your dream a reality. It’s important to be informed of your options when you apply for a home loan so you can make the best decision for you.
It’s All Part of the Process
Unless you find yourself with a hefty bank account, chances are you are like most other home buyers that need financing. As overwhelming as it may be, preparing yourself can help you make it through the application process.
Preparation Is Key
Being prepared and having your financial documents together can help speed applying for a home loan. Before applying, you want to make sure you qualifying and that your credit report is correct. If not, take the time to build up your credit and fix your credit report. You also want to make sure you have all documentation verifying your identification, your address, income, assets, etc.
What You Need to Apply
You’ll need a few basic documents to apply for a home loan, with some types of loans requiring additional documentation. You’ll need:
- Government-issued ID
- Credit history
- Tax returns
- Proof of income (pay stubs, W-2s, etc.)
- Financial statements
- Renting history
Apply for a Home Loan
Regardless of loan type, most home loan applications will follow these steps:
Step 1: Gather all financial information and documentation
Step 2: Select a mortgage broker or lender
Step 3: Apply for pre-approval
Step 4: Find the home you want to purchase
Step 5: Make an offer
Step 6: Have the home inspected
Step 7: Underwriting begins
Step 8: Loan is approved
Step 9: Deal is closed
Key Points to Remember
To have a successful application, make sure you have everything needed when applying, even if it means postponing your home purchase to build up your credit. Once you meet all requirements, simply apply. Working with a loan officer is helpful to make sure the application is 100% complete.
Whether you are a first time home buyer or are looking to refinance, our loan officers at Mortgage Solutions Financial are ready to guide you through the process. We will help you get all the information you need to make an informed decision and get the home of your dreams. Apply now to get started.