Buying a house can be a long and stressful process. This is especially true if it’s your first time and you don’t know what to expect. Fortunately, Jill Burgess of MortgagesByJill.com can help walk you through the process. Our team has put together a list of the steps for getting a mortgage in Greensboro, NC so that you can plan accordingly if you’re looking to buy a house.
Before shopping for a house, you have to know what your budget will be. You can, of course, hypothetically browse homes in the areas of town where you would like to be and look at different price ranges. But you won’t know which houses you can realistically afford before going through a pre-approval.
The pre-approval process doesn’t take a lot of time and is designed to make for a smooth home buying experience. A lender will pull your credit report to see your credit history and find a loan amount that you will qualify for. This not only makes it easier to shop within your budget but shows a seller that you are someone who can be considered a serious buyer of a home.
2. House shopping
When you’re shopping for a home, get help from a local real estate agent. They’re going to have inside knowledge of the housing market in the area as well as listings that you might not find on national sites like Zillow. With their insight into the local housing market, you can feel confident that you’re going to find a home that’s within your price range and has what you want. While the national listings are a great place to start, they aren’t going to show you the whole picture or provide you with a comprehensive view of homes in the area where you’re shopping.
Once you find the home that you want to buy, you’re going to make an offer on the home. An official offer comes with contingencies that include completed appraisals, inspections, and loan approval. You will also need to put down earnest money, or a deposit that lets the seller know that you are going to see the sale through to completion. With an accepted offer comes a purchase agreement, which will be signed by both you, the buyer, and the seller.
3. Mortgage application
In order to qualify for and finalize your loan, you’re going to need to provide more information to the lender. Most of it is related to employment and income, but there will be additional information to gather regarding assets and debts. If you have any items on your credit report that might draw negative attention from a lender, be prepared to explain what happened in that specific situation.
While applying for a loan, you’re going to have to choose which is best for you from the following options:
The underwriter is the person who makes the final decision on your loan. They review all the material that’s provided from your credit history to your income and projected ability to pay back the mortgage. Once a final decision is made, it can either come with a straight approval or an approval with conditions. One such condition could be an explanation of a previous foreclosure or debts going to collections.
After the final approval is made, verification is required that all contingencies are met that were previously agreed upon. A meeting with a title company can now be arranged so you can sign the final paperwork and close the deal on the home.
Get help with MortgagesByJill.com
Whether you’re a first-time homebuyer or are looking for a change, Jill Burgess with MortgagesByJill.com can help. She has more than 30 years of experience in the mortgage industry and has personally funded more than $2 billion in loans. Give our team a call today at 336-740-9068 or send us a message using our online contact form. We’re here to help you get the right home for you and your family.
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