Becoming a homeowner is a huge accomplishment. After months or years of renting, you can finally call someplace your own.
Not only does owning a home increase your net worth, but it gives you more home customization options. This house is something that is all yours and in your control. However, before you get the keys to the castle, you need to undergo the mortgage loan process.
This process tends to intimidate people, but it isn’t all that bad. Once you learn more about each step, broken down, it makes much more sense. You will realize that it’s completely doable. And here at Ace Mortgage Loan Corp., our team is experts on the mortgage loan process in Boca Raton, FL, and can explain each step. If you’re thinking of getting started, reach out to us today. But, if you want to learn more first, keep reading to learn more about the five-step process.
Step 1: Pre-Approval
Now, the pre-approval step isn’t always a necessity. But, here at Ace Mortgage Loan Corp., we highly recommend it. Getting pre-approved can save you a lot of stress and time. It may seem like an extra step and more like a chore, but it will help you later down the road. Getting pre-approved not only tells sellers that you are serious about buying their home, but it will give you an idea of how much home you can buy. And when it comes to shopping around for houses, it’s good to have some perspective.
Step 2: House Hunting
You might think you know what your dream home is, but all of that can change rapidly. If anything can change someone’s expectations, it’s house hunting. And the reason is that the perfect house does not always exist. While you search for homes, some of them will have part of what you want but have things you aren’t crazy about. The best thing to do is weigh the pros and cons of your expectations. What are the things you need, and what can you live without? If you need help with this step, our mortgage services in Boca Raton can help.
Step 3: The Mortgage Loan Application
When applying for a mortgage loan (https://www.mortgagescoralsprings.com/mortgage-services-coral-springs/), there are a variety of documents that are needed. It may get overwhelming at times, but we are here to help. Our mortgage services in Boca Raton can guide you through the process. Some of the documents needed are employment-related, such as pay stubs, employment location, and W-2’s. You will also need to submit information about any debt you have, your assets, any financial blemishes, such as bankruptcy, and more. All of this information completes the picture of who you are and how you are with money.
Step 4: Loan Processing and Underwriting
Once your complete history gets divulged in the mortgage loan application step, you can move on to loan processing. The loan processor will gather all of the information about the property. They then review the information and get it together for the underwriter. Once in underwriting, all of the documents are going to be evaluated. The underwriter makes sure everything is correct before allowing you to move to the final step. They can then either reject or approve the loan. If it’s approved, it moves to closing.
Step 5: Closing
The final step is closing. During this step, you are given the keys to the house and can get the house’s title. However, it isn’t as easy as it sounds. There will be a huge stack of papers for you to read through and sign. This process may feel repetitive as some of the pages may look familiar. But, getting them all signed needs to be done. During this step, you can also do one last walk-through of the house. This is your opportunity to make sure the home is still in good condition from the time you were last there.
Get Mortgage Services in Boca Raton Today!
If you are considering becoming a homeowner, let us be among the first to congratulate you. This step is a big one to take and can be super exciting. You might be able to call a property your own pretty soon. However, before you can do that, you need to go through the mortgage loan process. To learn more about the process and how Ace Mortgage Loan Corp. can help, reach out at (954) 371-2165.