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How to qualify for a home loan
There are several things to consider when you are applying for a mortgage loan. There are
different types of loans in the market offered to people with different needs and financial
situations. Things to consider are: income, debt, credit score and assets. Also whether or not the
house purchased is for investment or will it be owner-occupied? Another consideration is the
type of property, for example, condo, single family dwelling or units. You can ask your Realtor to
guide you through this process.
There are several things to consider when you are applying for a mortgage loan. There are
different types of loans in the market offered to people with different needs and financial
situations. Things to consider are: income, debt, credit score and assets. Also whether or not the
house purchased is for investment or will it be owner-occupied? Another consideration is the
type of property, for example, condo, single family dwelling or units. You can ask your Realtor to
guide you through this process.
Decisions, decisions decisions...
Once your agent knows your personal financial situation and needs, you will have to decide
among the different types of loans offered to you. For example, should you go for a variable rate
(ARM) or would it be better to chose a fixed rate? How about the length in years of the loan?
Should you include property taxes and insurance (PITI) or pay it separate. Should you pay upfront
points or go for a higher interest rate with no points? A knowledgeable agent should dissipate all
your doubts and answer all your questions clearly, this way you will be making an educated
decision. After all, buying a home can be the most important investment of our life time!
Once your agent knows your personal financial situation and needs, you will have to decide
among the different types of loans offered to you. For example, should you go for a variable rate
(ARM) or would it be better to chose a fixed rate? How about the length in years of the loan?
Should you include property taxes and insurance (PITI) or pay it separate. Should you pay upfront
points or go for a higher interest rate with no points? A knowledgeable agent should dissipate all
your doubts and answer all your questions clearly, this way you will be making an educated
decision. After all, buying a home can be the most important investment of our life time!
| Carmen G. Gutierrez |
| 909-921-4206 |
MORTGAGE INFORMATION
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Mortgage Application Process
The basic steps are:
Depending on your case, these steps can be slightly different in your situation. But don't worry..
Remember that you are being guided by your agent step by step.
The basic steps are:
- Meet with your agent and/or loan officer
- Fill out a loan application and sign the disclosure forms.
- Sometimes you will be asked to pay upfront for the appraisal and credit check.
- Hand all the required documentation to your agent and answer all the questions you are
asked. - Wait and stay in contact with your agent
- Fill out and sign the escrow papers
- Sign the final loan documents and escrow papers before a notary public.
Depending on your case, these steps can be slightly different in your situation. But don't worry..
Remember that you are being guided by your agent step by step.
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