Getting a new home via a mortgage loan is a great financial strategy when buying a home. This article provides a guide on how to make the most of your mortgage application. If you happen to stay in the Orange County area, these are the steps to take.
Fill and Submit Your Application
This is the first step where your mortgage lender requires you to fill out a full application. You will also be required to provide some documentation about your income, debts and assets.
Get a Home Inspection
It would be best if you got a home buying adviser in Orange County, CA, to schedule a home inspection. A home inspection helps you get a professional second opinion on the home. This second opinion allows you to see things your untrained eyes can see: repairs and sundry issues. When you are aware of these things, you can negotiate with the home seller better.
Provide As Much Information As Required
Your lender will require additional documentation at different points in the mortgage application, so you should be willing to provide the information as and when needed.
You also want to get
- homeowner’s insurance because it is vital to get a mortgage loan.
Let the Process Play Out
The mortgage lender will get an Orange County home loan consultant to execute a home appraisal to guarantee that the home’s value is equal to the purchase price. This consultant compares the house to other recently sold homes that are in the same price range. The mortgage lender is also expected to order a title search to confirm no outstanding liens on the property.
Steer Clear of New Debts
A home lending advisor in Orange County would advise you should avoid taking any new credit cards. At the same time, your loan is being processed because it can affect your debt-to-income ratio and impede your mortgage approval.
Fix Your Rate
Ensure that you do this no later than 10 days before your closing date. You might need a home buyer planner in Orange County.
Evaluating your Documents
The lender evaluates your inspection, appraisal and title documents, after which they set a closing date and informs you of the amount you’ll need to bring to your closing.
Close on your Home
After arranging for your payment for the home, be sure to read all the documents you receive and ask any questions you may have about the terms of the agreement before making payments. Once that’s settled, the home is yours.
Let us help you get your dream mortgage!
At Team Sosi, we understand that most prospective homeowners have very little knowledge about mortgages and related topics. Rather than approach the field as a greenhorn and make costly mistakes, you can rely on our expertise to get the best home mortgage advice and deals. Get in touch with us today to schedule a free consultation, and our team of professionals will be on hand to attend to your needs.