Loan Process

Get The Best Home Loan For You

/ Elaine Hilton

LoanProcessOverviewofSteps_English

After completing steps 1 and 2 in the loan process it is NOW time to SHOP FOR YOUR LOAN. You will need to know and factor in these 5 specifics:

1.  The price of the home

2.  Your down payment amount, resulting in the amount you will finance.

3.  The interest rate and any points charged to originate the loan.

4.  The term of your loan:  15 year or 30 year. 

5.  Type of loan:  fixed vs variable rate, conventional or FHA financing, there are many loans to choose from.

To shop for the best financing for you, do your homework.  Research these items so you understand what your mortgage lender is talking about.  Now, go and talk to 2 or 3 lenders.  Knowing these specifics will help you compare loans, so you can choose the loan and lender that will be the best deal for you.

Your Home Loan Application

/ Elaine Hilton / Leave a comment

Approved-Loan-ApplicationThere are numerous home loans available today, including FHA, VA and Conventional.  All of these loans will require you to fill out a loan application.   This process is much easier if you are prepared.  Here is a list of required items you are going to need:

1.  Latest 2 paycheck stubs

2.  Last 2 years W-2’s or 1099’s

3.  If self-employed; last 2 years tax returns

4. Most recent bank statements  (all your accounts for 2 months)

5.  Loan and lease information on other real estate owned

6.  Drivers license or other form of ID

Your lender may want more information and if they do, they will ask for it.  Like the Boy Scouts, “Be prepared”, and you will have completed your loan application in no time.

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