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The mortgage loan process can feel complicated and intimidating, especially for first-time homebuyers. But you don’t need to panic. We’ve got this handy guide for beginners to help you feel confident and informed.
Your lender will look at your debt, income, and personal information to evaluate what type and size of loan you may qualify for. This is the initial information gathering step before getting pre-approved for a loan.
Pre-approval for your loan means a lender is willing and able to give you a loan for your new home. Many realtors won’t show you houses until you have loan pre-approval. This step digs deeper into your financial situation, including all sources of income and earnings, debt, credit score, and credit information. They will determine what type of mortgage program would be the most beneficial and look at the interest rates available to you.
You must continue to qualify for your loan up to the time of your closing, so you’ll want to pay close attention to your credit and avoid any spending before then. The closing and the finalizing of your loan are the final steps in the mortgage loan process. Once you find a home and are under contract, the lending company will take time to make sure the home’s value matches the amount of the loan, to prepare the paperwork to transfer ownership of the home, and to ensure your financial situation hasn’t changed. When all of that is in order, you can close on your new home and become a first-time homeowner.
When you’re ready to buy your first house, put your trust in the right lending company. Contact the Midland Mortgage Corporation team to protect you and help you navigate the complicated mortgage loan process.