Once you have done your homework and found the loan you think is best for your situation, you would think the application process would be simple, right? Not entirely. Home financing is something that almost everyone does when they are purchasing a home. However, there are certain guidelines and prerequisites that lenders must check before they give money to anyone. Because of this, there are many steps to the application process for a home loan. If you are interested in learning more about the steps in applying for home loans in Plantation, keep reading.
- When filling out the application, there will be different sections that require different information. Give or take, each application will require information regarding personal data, income, assets, current debts, credit references, and property information. Your lender or mortgage broker can assist you in filling out these sections.
- After completing the application, you and your mortgage broker will submit it correctly. Expecting your information meets the loans prerequisites, you will get preapproved (yay!) and you will have an exact number of the price of your home and loan.
- Once your loan is preapproved, your mortgage broker can collect other information and financial documents to process your loan. Your dream home will be appraised and an accurate market value will be determined.
- After processing, your financial institution will make their lending decision based on the information provided. When it is approved, you can move on to the pre-closing phase.
- During pre-closing, your mortgage broker will work with you to confirm any real estate documents and secure the required title insurance documents to protect you from other parties claiming ownership of your home.
- After taking the time to fortify your ownership, there will be a closing date set where your documents are signed and you can complete the process of purchasing your dream home.
- Your loan servicing begins right after all the paperwork is signed and continues until the home is paid off, or you decide to sell the house!
If you are busy with other aspects of your life, hiring a home broker to help you through this process is highly recommended. At Ace Mortgage, we can assist you through every step in finding and completing a home loan in Plantation. Simply give us a call at (954) 777-4774 to begin your journey to a new home!