Once you’ve decided to apply for a home mortgage for a home you love in Pompano Beach, there are a few steps that you’re going to have to go through to complete the process. First, you should call a home loan company like Ace Mortgage Loan Corp. to pre-qualify you. It’s just a few step process that can usually be completed over the phone or with a short application to verify your credit and income. At this point, you’ll have some idea of what your interest rate and monthly payments might be. It’s rare that a homeowner will even entertain your offer today without a pre-qualification letter from a reputable mortgage company. So, while you’ve just gotten your foot in the door so to speak, your mortgage loan in Pompano Beach is not guaranteed at this point. Once your offer is accepted, you may now apply for your actual mortgage loan in Pompano Beach.
What are the Steps I’ll Need to Go Through to Apply for My Mortgage Loan in Pompano Beach?
What would this world be like without applications, guidelines and prerequisites to buying a home? You’ve just been pre-qualified, so, one hurdle accomplished. Now that that’s out of the way, let the real mortgage process begin! If you’re interested in purchasing a home in Pompano Beach, here are some of the steps you’ll need to go through in order to apply and hopefully qualify for the best interest rate:
- Fill out the application –your application will require information regarding personal data, income, assets, current debts, credit references, and property information. Your lender or mortgage loan broker can assist you in filling out these sections.
- You’ll need to gather the last 2 months’ worth of pay stubs from your current position to show you’re employed and can pay back a loan.
- Make copies of your entire bank statements with all pages included. If you leave out any pages, they your lender will ask for them, so be prepared with all of them. Banks now keep all statements online so even if you haven’t kept copies (which is most of us!) you’ll be able to easily obtain them. IRA statements and any other assets should be included to help the mortgage company’s underwriters make their decision.
- Make copies of your last two years of tax return statements. Again, all pages must be duplicated and submitted.
- Copies of titles or deeds from any other home loans or refinanced properties should be submitted as well.
The loan process could take anywhere from one to two months if all of your papers are in order. After processing, your financial institution will make their decision based on the information provided. When it is approved, you can move on to the pre-closing phase which may involve more home appraisals, home inspections and finding a title insurance company to protect you from other parties claiming ownership of your home. Then, if all is in order, there will be a closing date set where your documents are presented and signed by all parties involved. Celebrate! You’ve just completed the process of purchasing your new home!
While this is just a snapshot of what you can expect from the loan application process, the professionals at Ace Mortgage Corp. are on hand to help you with all of your home mortgage needs in Pompano Beach. We can assist you from beginning to end on your mortgage journey in Pompano Beach. We can even recommend inspectors and title companies since we have knowledge of all of the experts in the industry. Give us a call today at (954) 777-4774 and let us help you secure the funding for your new home!