What is the home-buying and mortgage process?
First, a home buyer often gets pre-qualified. Getting prequalified is a great idea because the homeowner can be equipped with the valuable information of how much home they can afford.
Second, the home buyer finds a mortgage that fits their particular financial situation.
Next, there are certain actions that a home buyer needs to take to submit an application for a mortgage.
Last, a home buyer prepares for closing. This step includes obtaining a closing disclosure from the lender which shows the terms and conditions of the agreement.
Find a lender
Depending upon your needs, a real estate agent can help you not only find your home, but get in touch with a top industry mortgage lender. See below for more information.
Getting pre-approved before you actually try to buy a home is a wise decision. The process of this starts by choosing a mortgage specialist.
Don’t worry. At Barrans Realty, we’ve got your back. As real estate professionals, we know the industry (including the home mortgage aspect). We partner with some of the best lenders in the industry, and can connect you with the right lender for you.
Mortgage Officer Bonney Lake
Because every home buyer’s situation is a different one, their mortgage needs will be different as well. With so many different loan programs out there, how do you know which one is right for you?
If you have good credit, a conventional mortgage may be a great fit for you. Usually, these have more loose restrictions than, for example, a government-backed loan. Federal Housing Administration loans may be a good choice for those with low credit and offer small down payment options. Veterans Affairs are great for Service Members. Overall, there are plenty of options which means that there’s a great chance that you can find one that fits you.