After getting approved for a loan??

Question

What is the first thing you should do when trying to buy your first house?? Any advice?

Answer 1

All banks just about offer the same products and loan programs with the different qualifications in each of their programs.

Your interest rate is based on your credit score and how well you have paid your consumer debt over time.

In order to find out the type of loan programs you are qualified for you will have to fill out a loan application,preferrably with a mortgage broker, which you can find one in your local telephone book.

He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will then run your credit report which will have your credit scores. These credit scores will determine your interest rate.

The amount of your monthly debt payments you are required to pay as per your credit report and the amount of mortgage you can take on based on your income will determine the amount of house you will be able to purchase.

When you speak with the mortgage broker you will need the following documents to complete the loan application

#1 One month of pay stubs for each person that will be on the mortgage.

#2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment.

#3 Two years of federal income tax along with the W-2 that match.

Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home.

In this pre-approval letter will be the amount of house you are qualified to purchased.

Once he gives you this pre-approval you may now find a real estate agent to find yourself a home or he might have a referral.

Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign.

Your mortgage broker will now order an appraisal to show proof of the property value.

The mortgage broker might ask for additional information or documentation, don't get all up tight this is normal, just supply the information or find the documents needed.

After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home.

I this has been of some use to you, good luck

"FIGHT ON"

Answer 2

Figure out how much you can afford. Variable (adjustable) mortgage loans can drastically change their payments. If at all possible, go with a fixed-rate loan.

Don't kid yourself. Work the numbers on how much everything will cost - property tax, homeowner's association dues, mortgage insurance, and home insurance.

Your lender will have a number of fees associated with it. The only fees are reasonable are fees that must be paid to an outside agency - such as an appraisal, title record fee, and title insurance. You should figure out what those are so that the cost isn't padded. There should be an origination fee, which is the cost of doing all the paperwork and checking that you are a good credit risk. Any other fee - transfer or underwriting is a junk fee, added to increase profit. Tell them to take them out. You must be ready to walk away from a vendor in order to get them out.

You should have your lender picked out before you look at houses. Get pre-approved.

Answer 3

You don't want to do any credit checks 3 months before u apply.
1) You want to try and pay off any small debts like: credit cards that are under $500.

2) Be you on lender, look at how much u make a month and how much u can afford for only mortgage. A lot of people get pushed in to loans with high monthly payments.
3) u also what to know what’s on you credit report, so u know your score and if u have any collections accounts.
Check with your credit card companies to see if they have any credit monitoring programs. (They should be able to show u your credit score and not lower your credit when they do)

When you've done that contact me [e-mail]
All Choice Home Mortgage

Answer 4

Now you know how much you can afford, so next in line is knowing the locations you would like to move to. Then go online to a realtors web site and punch in those areas and the maximum you can afford. Pick out the houses you like in that criteria search and call a realtor to view them. Once you find the house you like in that bunch then place your bid with the realtor. If your bid is accepted then you tell your bank the exact amount and a mortgage is drawn up for you and you own the house after closing papers are signed.