2. Pick the right mortgage type
3. Decide on a term for your mortgage
For the lowest monthly cost, the most common alternative is a 30-year fixed-rate loan. However, as long as your budget can accommodate the higher monthly payments, a shorter, 15-year fixed loan can save you thousands of dollars in interest costs.
4. Research from our top mortgage lenders
Look at multiple home loan lenders to find the one for you, You can get a few free mortgage offers in minutes.
5. Get pre-approved for a home loan
There are a few major benefits of having a mortgage pre-approval. One it shows the sellers that you can make a solid bid at a particular price. Second, it lets you work out what your mortgage would really pay, and you’ll information on the rate, APR, fees and other closing costs.
6. Submit your application
Even if you have been pre-approved, you will need to submit your most recent financial documents before you officially apply for a home loan.
7. Start the underwriting process
Underwriting, even though you’ve been pre-approved, maybe the most nerve-racking aspect of having a mortgage. More waiting, this time for the loan to be formally accepted. The underwriting team of your lender will ask for documentation to check all the details on your loan application.
8. Complete your final closing
You have a few more steps to take before the process is complete: Purchase homeowners insurance, purchase a loaner’s title insurance scheme. And Until you go to the mortgage closing, walk around the property to double-check that all the necessary repairs have been done and that the house is ready for you.
And that’s the home loan is yours.
It’s finally time to move into your new dream home!
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