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There can be a lot of unknowns when it comes to applying for a home loan

We’re here to ensure you’re taken care of every step of the way. To help give you an understanding of the home loan process, here are some basics that apply for most borrowers:

Gather Documentation

Even before you start the loan application, start getting your documents in order. Your loan officer’s goal is to clearly document your financial qualifications for the loan which you will be applying. In order to achieve this, the loan officer will ask you to provide some documentation that supports your income and assets, such as:

  1. Pay stubs
  2. W-2s
  3. Tax returns
  4. Bank statements
  5. Other documentation may be needed – this could include gift letters, receipts, deposit slips, etc. Some loans are stricter than others and we may need to know exactly where money is coming from. Where it is going is not always important, but the source will need to be explained for specific types of loans.

Get in Touch

An important first step in acquiring a home loan is to get in touch! Talk to some loan officers and find ones that you like. Ask friends for a reference, or visit your local Chamber of Commerce. Your local Chamber should know people to refer you to. During your first call or meeting, with a prospective loan company, ask questions! You have every right to be informed.

The Loan Application

The next vital step in securing a home loan is to fill out a loan application. Most loan officers will you help you complete the application. Once it is completed, your loan officer will discuss your overall financial goals and then provide you with loan program options. Your available options will be determined by many variables including home affordability, income, credit, debt, and assets.

Making an Offer

If you have already found a house you would like to put an offer in on, you should be preapproved for a loan. (Some sellers’ agents will want to see a 400 dollar loans preapproval letter.) For more information about preapproval, Contact Us. Continue reading