The home loan process

Getting a loan is sometimes very stressful. A home loan is at the top of the stressful list. There are so many different steps you have to go through to get a loan. Be patient and soon you could be holding the keys to your brand new home.

One of the first things you should look for when considering a new home loan is a home of course. You should look around at many homes and don’t rush the home finding part. You want to make sure it is everything you have ever wanted and make sure you love it. Once you find the home of your dreams, the loan process will begin!

You will have to meet with a loan officer and get your credit score checked. Your loan officer will go from your credit score and credit history and give you your loan options. There are many different types of loans. Some loans require down payment and some do not. Your loan officer will be one of the main people in your home buying process. Keep their number handy because you will be in constant contact with each other. Any questions you may have a loan officer is the person who will have the answer, and if they don’t they will find the answer for you.

Once you figure out the loan you qualify for you will make an offer on your home and submit it to the sellers. They will either accept the offer, decline the offer or counter offer a different amount. Once everything is decided with the amount you are buying the house for a loan officer will make sure you qualify. They will then get your pre approval. Once the pre appproval is cleared your loan officer may order all of the inspections your house needs. If all of your inspections pass you will have to gather up any other information your loan officer specifies and you should then be ready to submit for your final approval.

Waiting for the final approval can take weeks. It seems like a century when you are actually waiting but be patient and you will soon get your answer. If it is approved you soon will be holding the keys to your brand new home. Good luck in the home buying process!