Page 19 - Yamhill County Real Estate Guide: Premier Source for Helping Bring You Home.
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But, depending on the price of the home, 20 percent could be out of reach. Note that some Veterans Affairs (VA) mortgages allow for no down payment.
4. Pick the right type of mortgage. You have a choice of several mortgage products. One is a conventional (or a regular) loan. Of those, you can choose between a fixed-rate loan and an adjustable-rate loan.
There are also government-insured loans, such as a Federal Housing Administration (FHA) loan or a Veterans Affairs (VA) loan. Each varies in terms of interest rates, down payment requirements, and other factors. Your mortgage lender can help you pick the best type for your situation.
5. Get pre-qualified for a mortgage. Getting pre-qualified is an informal process where you just answer the lender’s questions, such as how much you make and what you owe. Based on the information you provide the lender, they’ll let you know whether you’ll qualify for a mortgage and for what amount.
6.Get pre-approved for a mortgage. When you are serious about buying a home, you’ll want to be pre-approved for a mortgage, which is typically a more involved process than pre-qualification. When you are pre-approved for a mortgage loan, it means a lender has looked closely at your credit report and validated your income and assets, determining that you qualify for a loan. The lender will provide you with a written commitment, telling you the maximum amount of a loan you qualify for.
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If you are pre-approved, you can let sellers know. They’ll then consider you a serious buyer.
Keep in mind that pre-approval means you are likely to get the loan. It doesn’t mean you have the loan. You’ll still need to apply and go through underwriting before you get final approval. So don’t take out any loans or apply for new credit after you’re pre- approved and before you apply for a mortgage. And, similar to pre-qualifying, you can still apply for a loan with another lender to see if you can get a better rate.
7. Pick a mortgage lender and apply. After you’ve found the home you want and have your offer approved, it’s time to get official by applying for your mortgage loan. You have many choices of where to get your mortgage: banks, credit unions, mortgage lenders, mortgage brokers, and online mortgage companies. Pick the one that works best for you.
Applying will require a lot of documents. Be prepared by gathering all of your financial info in advance, and expect to dedicate some time and patience to plenty of paperwork.
8. Close on your home. If your application is approved, the next step is closing. The mortgage becomes official on the day you close. You’ll need to come with your closing funds in hand, and there will be lots of paper signing, but there shouldn’t be any surprises at this point. Sign your name, get your keys, and find out when and to whom you should make your first month’s mortgage payment.
*Courtesy of Trulia
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