The decision to purchase a home is a big deal for most people, especially those that are purchasing a home for the first time. If you are just starting the process, or even if you are browsing homes online, one thing that you’ll want to take into account is your financing as well as the mortgage approval process.
This helps to set a standard and limit the search when finding homes to visit. We want to help you get through the mortgage approval process as easy as possible at Family First Mortgage, so don’t hesitate to give us a call so we get you the information you need to get started on your search as soon as possible.
The first thing you want to do is prepare and review your finances. Your credit score is very important when discussing financing with a lender so you want to do whatever you can to make sure your credit score and your credit report at their very best. You will also want to ensure all your payments have been made on time as missed payments can contribute to damaging your credit score, and does not create confidence in a lender.
Credit history is important when qualifying for a mortgage, but job history is equally important when discussing your finances with a lender. Lenders want to see a stable job history so beware of frequent job changes before applying for a loan. Making yourself as a potential buyer look as stable as possible when it comes to your financial background is crucial to having a smooth approval process.
The Finer Details
Once you’ve researched the loan types available, you will need to choose the type of loan that is right for you, and you get approved. The next step is figuring out the finer details like the terms and interest rate. This step is where you’re getting closer to signing the final paperwork and actually purchasing the home so you’ll want to ask any questions you have of your lender before locking in the terms. These terms are also usually given on a time limit so you’ll want to get an offer in on the home as soon as possible to ensure time does not run out on your approval letter.
There will most likely be some documents or stipulations that are needed to finalize the loan, so make sure you get those from lender or loan officer and confirm you meet all those requirements. You’ll also have to make sure your closing costs are covered, so it’s important to know if you or the homeowner is going to be responsible for taking care of the closing cost as they can add up.
Call Us Today!
If you are researching your financing options and aren’t sure what would be the best route for you to take, you can always contact us to answer your questions. We would be more than happy to discuss your options and answer any questions you may have, so feel free to give us a call at Family First Mortgage in Lafayette, LA today!