 The time to shop for a mortgage loan in order to buy a home is before you've fallen in love with a house and made an offer-and before you're faced with needing proof of loan prequalification to open escrow. If you haven't done any of these things, you're ahead of the game. If you're someone who has already started the process, read on and we'll get you up to speed and get you what you need!
The very first step in the home or mortgage shopping process is to determine how much house you can afford. There are two aspects to this number: one, how much of a monthly payment you can afford to make, and two, how much cash you have available to make a down payment. You can easily make the first assessment by speaking with one of our loan specialists who will help you determine your debt-to-income ratio. In other words, you'll figure out how your monthly obligations (debts) compare to your monthly income and therefore how much you have available per month to spend on a mortgage.
The second assessment (down payment amount) is something you will determine yourself. Our Loan Officers can give you multiple options that will help you understand how the size (or percentage) of your down payment will affect your total loan amount, interest rates, and payments over the life of the mortgage. Whether you have a substantial down payment in hand or would like to put No Money Down, our Loan Officers specialize in guiding you through all of our available programs, including the very popular 80/20 financing options.
Once you know how much you can afford to spend on a house, you can do two things: shop for a house and get prequalified for a mortgage. A multitude of resources exist to aid you in searching for a house both online and in person.
To prequalify for a mortgage and to receive loan rate offers, simply answer a few short questions in our Loan Application, and we'll contact you to tell you if you're prequalified for a loan, show you a list of loan options with rates and terms, give you the option to receive out a Prequalification Letter, and take you through the rest of the application process should you wish to accept a loan program.
Once you have found a house you wish to purchase and selected a loan offer you wish to take, submit the required documentation, and we will secure a mortgage for your home. We will work with your real estate broker and the title or escrow company to coordinate the escrow and funding of your loan.
To find out more about how RefinanceOne can help you make your dream home a reality, all at a low monthly payment, please contact a Loan Officer at 800.515.8443 or Contact Us now. |
