The desire to own a home is the American dream. Its important however, that before you buy a home, you understand the potential impact on your finances and lifestyle. Fully weigh the risks and benefits of your long term investment, new monthly cash flow requirements, maintenance and repair time and expenses, liquidity restraints, tax advantage and pride of ownership.
Shop for a Mortgage:
Searching for a loan provider may be the most critical part of the home financing process. By choosing an experienced, professional broker, the remaining steps in the process will be easier. To find a qualified broker, you can ask for a referral through your realtor, attorney or co worker, family or friends that have recently been through the mortgage approval process.
Be sure to compare apples to apples when shopping for a mortgage, ask about specific programs that would best suit your borrowing needs, interest rate, points and fees associated with the product you chose and lock options.
Obtain a Pre Approval:
A mortgage consultant at Coast to Coast Mortgage will review your particular situation. You can get a pre qualification on a specific loan amount before you begin negotiating on a new home.
Buying Your New Home:
An Offer to Purchase is signed by both you and the seller. After acceptance of the offer, the home is inspected. Have an experienced real estate attorney review the Purchase and Sale Agreement so that the attorney can assist you with the close of the loan.
Mortgage Application:
Make an appointment with your Coast to Coast Mortgage consultant. Bring all the requested financial documentation with you to start the mortgage application process. Sign and return all forms in a timely manner. The good faith estimate will tell you all the settlement charges you will likely pay at closing. Ask your Coast to Coast Mortgage consultant questions! Be sure you understand all mortgage loan terms, conditions and fees. Decide with your mortgage consultant whether you may lock in an interest rate.
Mortgage Approval:
Congratulations, your loan application with Coast to Coast Mortgage has been approved!!! Coast to Coast mortgage will let you know if there are any conditions you must meet before the loan can close. To expedite the closing process, send any documentation requested to either your mortgage consultant or the loan processor at least 5 business days before the closing and forward a new Home Insurance policy to the same.
Closing:
Contact the attorney or title company selected to close your loan. They will tell you the actual settlement charges. Bring a cashiers check made out to you and a photo ID with you to closing. You are now a new homeowner!!!
Call 1-800-CTC-6700 or email info@coasttocoastmtg.com for a custom quote and a FREE mortgage analysis from one of our mortgage professionals.
