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Home mortgages are indeed challenging, especially for a newbie. Before you can proceed with the actual processing of the mortgage, there are other things that you need to accomplish, like the documents, bank statements, FICO assessment, just to name a few. However, while slowly accomplishing these documents, it’s time that you start looking for a bank to help you proceed.
If you don’t know how to proceed next, then we might just have the steps that you can do to process your first ever best mortgage broker loan.
#1 Bank Research
Since we are dealing with loans, the first thing that you need to do is research banks to help finance your dream home. If you have a maortgage advisor near you, they can draw up some suggestions on which banks you should check out. If you don’t have a mortgage advisor, then you can ask family or friends if they know any reputable banks that provide mortgages in your area.
When doing your bank research, make sure that you ask for important information like mortgage requirements, their types of mortgages. That way, you will know what type of mortgages they can offer and if they fit your needs.
#2 Application forms
Once you have narrowed down the choices for the banks, you should get application forms for their mortgage loan. You can get these forms from the banks chosen or download the application forms from their website. Once you have these forms, make sure that you also ask for their requirements for their mortgages. Some banks may have the same requirements but they can also add other documents that you should accomplish. If you happen to be self-employed, always ask if there are any additional requirements to accomplish. That way, you can have them completed before you have submitted the application forms.
Once you start filling up the forms, make sure that you read them thoroughly. Mortgage applications usually ask so many questions. So, take your time on answering these questions. If there are any clarifications, you can leave them blank for the time being.
#3 Loan Estimates
Once you have inquired from the banks that you plan on applying to, your next step would be comparing all the loan estimates from the different banks that you went to. The loan estimate is a document that states the amount that is loanable to you. It will contain other important information like the interest, principal, the amount needed for the down payment, etc.
Always ask the bank representative when there are things that you aren’t sure of. That way, they can explain it further to you.
When comparing the loan estimates from the banks, compare its details. Always scrutinize the amount and interest of each bank. This will help you narrow down all your bank choices.
#4 Choose Your Bank
After the loan estimates are studied and scrutinized, you can now choose your bank. You can proceed with the application process whether it’s online or in their office. Bring all the requirements that are needed for the application. Also, there might be a little interview. You need to make sure that you are properly dressed.
#4 Mortgage Processing
The processing is the longest part of the application. It often takes more than 2 weeks to process your application. In this process, the bank will assess your financial capability. They will also call your employer or clients when necessary.
#5 Underwriting on the Process
Once the bank gives its go signal, your mortgage application will then undergo the process of underwriting. . Time to time, the bank representative will call you and ask for some clarifications with regards to your mortgage application. Always keep your phone near your person. So that when there are any questions or clarification, they will be addressed immediately.
#6 The Closing Disclosure
Finally, the closing disclosure. Once everything is assessed, studied, and scrutinized, the bank will give you a closing disclosure. It means to say that everything is ready for your mortgage. In this part, make sure that you check this document and the loan estimates document. Check if there are any changes in the amount, the interest, the principal, etc. If there are any changes done, ask the bank representative for clarification. That way, you will have an idea of why these changes have happened.
Now that you know about your first mortgage application, things might be easier to process. Hopefully, you get your first mortgage to approve quicker than you imagine it to be.
