Once you have found your new home in Coral Springs, the immediate question future residents have is, “how do I go about affording this?” This question is common and, with the help of Ace Mortgage Loan Corporation, can be answered in no time! To understand how you’re supposed to afford a home you cannot purchase in full, one must define what a home mortgage is. A home mortgage is a loan distributed by a bank, mortgage company, or any other financial institution to help people purchase a home. Rather than deposit the entire cost of the house immediately, people can pay off their house over the course of about 15 or 30 years. Ace Mortgage Loan Corporation is here today to go over the steps in applying for a mortgage loan in Coral Springs so we can welcome more residents into our beautiful city!
The first step in applying for a mortgage loan in Coral Springs is getting pre-qualified by a home loan company! Getting pre-qualified is the first hurdle in the race to secure a mortgage, but it is easy when you get pre-qualified by Ace Mortgage Loan Corporation. This process is short and will be completed over the phone or through a short application. This process verifies your credit score and income so you can get an idea about what your interest rate and monthly payments will be. Having a pre-qualification letter from a reputable mortgage company like Ace Mortgage Loan Corporation will get your foot in the door for applying for a mortgage loan.
The second step in applying for a mortgage loan is filling out the mortgage loan application! This application is more thorough than the pre-qualifying application, requiring you to record personal data, current assets, current liabilities, income, credit information, and property information. Fortunately, your representative from Ace Mortgage Loan Corporation can assist you in filling out your application if you have any trouble.
Once you have filled out the mortgage loan application, the next step is to gather the previous two months’ worth of paystubs from your income statement to ensure that you are employed and can pay back the loan. After you collect the paystubs, you need to make copies of your entire bank statements with all pages included. You also will need to make copies of your tax return statements from the previous two years and of titles or deeds from any other home loans or refinanced properties you own. Ace Mortgage Loan Corporation requires all bank statements, IRA statements, and other asset statements so the mortgage company’s underwriters can make an accurate and educated decision.
If you have submitted all of your required paperwork, the home mortgage loan process may take anywhere between one to two months. If there are any papers missing, the process will be delayed and take longer. Once the process is completed, your lender will make a decision based upon the decision. If you are approved, then you will move onto the pre-closing phase, where more work needs to be done. The pre-closing phase may include more home appraisals, home inspections, and finding a title insurance company to protect you from other parties claiming ownership of your home. Once this phase is completed, both you and your lender will sign the papers allowing you to purchase your new Coral Springs home!
Although this is only a brief summary of what your mortgage loan process will look like, Ace Mortgage Loan Corporation is here to go into more depth and help you will your home mortgage needs! From the first step to the final signature, Ace Mortgage Loan Corporation will work by your side to get you into your dream home! With knowledgeable and experienced loan officers, you know you’re in trusted hands. If you’re ready to begin your loan process, please call one of our representatives today at (954) 777-4774 or visit our “Contact Us” page on our website. We can’t wait to begin this wonderful process with you!