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Getting qualified before you apply for a loan
can help you understand how much you can borrow.
When buying a house, you may get pre-qualified
or pre-approved. You can typically get pre-qualified
over the phone or on the Internet in a few minutes.
A pre-qualification is not as beneficial as a
pre-approval where you have to go through a more
rigorous process which includes verification of
your credit, income, assets and liabilities. It
is highly recommended that you get pre-approved
before you start looking for a house. This will
help you:
1. Find out the maximum house you can buy, so
you don’t waste time looking for properties
you cannot afford.
2. Puts you in a stronger position when you are
negotiating with the seller, because the seller
knows that your loan is already approved.
3. Helps you choose quickly, since your loan is
already approved.
To shop for a loan, you will need to:
1. Think about how long you plan to keep the loan.
If you plan to sell the house in a few years,
you may want to consider an adjustable or balloon
loan. On the other hand, if you plan to keep the
house for a longer time, you may want to look
at fixed loans.
2. Understand the relationship between rates and
points. Points are considered to be the prepaid
interest and are tax deductible. Each point is
equal to one percent of the loan. So for example,
1 point on a $150,000 loan is $1,500. The more
points you pay, the lower the rate you will get.
3. Compare different programs. Shopping for a
loan can be difficult. With so many programs to
choose from, each of which has different rates,
points and fees. It’s hard to figure out
which program is best for you. That’s where
an experienced loan officer can help you make
a decision that’s best for you.
Obtain Loan Approval
Once your loan application has been received,
we will start the loan approval process immediately.
This involves verifying your:
1. Credit history.
2. Employment history.
3. Assets including your bank accounts, stocks,
mutual funds and retirement accounts.
4. Property value.
Based on your specific situation, additional documents
or verifications may be required. To improve your
chances of getting a loan approval:
- Fill out the loan application completely.
- Respond promptly to any requests for additional
documents. This is especially critical if your
rate is locked or if you plan to close by a
certain date.
- Do not make any major purchases. Do not buy
a car, furniture or another house till your
loan is closed. Anything that causes your debts
to increase might have an adverse affect on
your current application.
- Do not move money into your bank account
unless it can be traced. If you are receiving
money from friends, family or other relatives,
please contact us.
- Do not go out of town around the closing date.
If you do plan to be out of town when your loan
is expected to close, you may sign a power of
attorney to authorize another individual to
sign on your behalf.
Close the Loan
After your loan is approved,
you will be required to sign the final loan documents.
This will normally take place in front of a notary
public. Be prepared to:
- Bring a cashier’s check for your down
payment and closing costs if required. Personal
checks are normally not accepted.
- Review the final loan documents. Make sure
that the interest rate and loan forms are what
you were promised. Also, verify that the name
and address on the loan documents are accurate.
- Sign the loan documents.
Your loan will normally close shortly after you
have signed the loan documents. On refinance and
home equity loan transactions, federal law requires
that you have 3 days to review the documents before
your loan transaction can close.
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