Obtaining A Metro DC Area Home Mortgage
Once you understand the loan process and the steps to secure your loan, you will take this huge load off your shoulders. I have listed the steps to secure your financing for your new Metro DC Area home.
- Sort and put together all required documents
Lenders will require you to submit a long list of documents when you start your loan process. Knowing what documents they may initially need will save you time. What lenders typically want to see is that you are able to repay your loan. In order to determine your repayment ability, they will ask for your recent employment status, tax returns, bank statements and pay stubs, On top of that, they will pull your credit report to check your debt, payment history and credit score. Lenders will take any child support and alimony payments into consideration as well. The more financial information you provide, the better and smoother your loan approval process will be.
- Pick the best loan product/lender
It can get complicated when you try to pick the best loan product, terms, interest rate for your needs. I am here to help you through each step of the process. With my elite network of preferred lenders, you will be able to pick the lender of your choice so that you can have access to the best loan products with the best interest rates. The whole process will be as easy as it seems once we work altogether to pick the best possible option for your loan.
- Get pre-approved
Having an idea of how much of a mortgage you are eligible can happen in two different ways.
1- Getting pre-qualified occurs when a lender goes by the financial information you provide without looking into your documents. You will be given an approximate maximum price.
2- Getting pre-approval can take longer. However, it is highly recommended that you get a pre-approval so that prior to or at the time of making an offer, your ability to buy a home will look strong. In this way, you will also have the upper hand in later stages of negotiations.
- Obtain final approval
Once your offer goes through and you are one step closer to the home of your dreams, your lender is going to review all the documents you provided. During this process, they may need more proof and documents about your financials. Providing them as quick as possible will guarantee your final loan approval.
Avoiding making large purchases prior to closing is very important since it will not raise any red flags. After obtaining your final loan approval, we can schedule your closing date and time.
- Close on the loan
Closing on the loan is the final step of your financing. You will be signing your loan documents while a settlement attorney/officer will be going over the loan terms, amount, interest rate and other necessary details with you. Pay attention to all details as well as the simplest ones like your full name, social security number or address so you don't face any issues in the future. Once you pay your closing costs and down-payment, you will be a brand new homeowner.
Contact me for more information about financing your next real estate purchase.
Getting to know your monthly mortgage payment and seeing the correlation between your monthly budget vs the amount of loan you can obtain is definitely a game changer. By using this mortgage calculator, you will see a breakdown of a mortgage payment - principal, interest, taxes and sometimes PMI. Any of my preferred lenders will give you a much more detailed loan worksheet where you will be able to see all the costs of the loan as well as your monthly payments. However, I highly recommend you to use this calculator as a stepping stone to determine a reasonable budget range for your initial home search.
This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
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Listing information last updated on November 21st, 2017 at 12:21pm CST.