Taking The Steps To Getting Your Mortgage Completed

Have you reached the point in your life where you believe it is time to get your home? If you have, there are several steps you have to go through to get the keys to your new home and new life.
Fortunately for you, we have put together some help for the truly uninitiated, so you know what the process is and what you have to do. It is hoped that, with these tips, you will be in a better position to get the mortgage you want in a faster time.


Getting Your Stuff Together


Whether you go and see a lender yourself or hire a broker to take care of the legwork for you, you will have to provide the same information necessarily. You will have to have your employment proof, collateral, assets, amount you can put for a down payment, etc.

The main difference between a lender and a broker, in this case, is that each bank you go to will pull a credit report whereas a lender will pull one report and use it to talk to multiple lenders. The report works out well for your credit rating.


So, to recap here’s what you need before you go anywhere:


  • Proof of employment
  • Detailed list of collateral and assets
  • The amount of a down payment you can afford
  • Potential list of terms you can handle (payments, fixed or variable rate, interest rates, etc.)/li>


Going Shopping


Ok, now it’s time for you to go shopping for mortgages. If you use a mortgage broker, you can skip this step as the broker does this part for you. If you are going at it on your own, then you will have to talk to several lenders individually.

This is a tedious process, but necessary if you want to get the best possible rate for yourself.


Ready For Signing


Once you have found the mortgage that works best for you, the lender will get the paperwork together for you to sign it. READ IT FIRST! There is always fine print, and if you gloss over something, you could be in serious trouble later on.

Ensure you understand everything before you sign your name anywhere on those papers. Reading all the terms of the mortgage protects you from being unpleasantly surprised down the road.


Gathering Information From Lenders

What you want to get from the lenders are:


  • Rates for fixed and adjustable mortgages
  • Mortgage terms and options available
  • Monthly payments for either type of mortgage
  • Fees and the amounts
  • When payments are due
  • How payments will adjust if variable rate


What Comes Next


After you have carefully read the lease terms, understand them, and agree to them, all that’s left is to sign the papers. When the time for closing comes around, you pay the closing costs and any other fees due at closing.

After that, it’s up to you to get moved into your new home. After that, the final step is just to make your payments every month. Failure to do so will result in you losing your home and everything you put into it, financially and otherwise.