Buying property can be a scary proposition if you’ve never done it before. You have to learn about the real estate market in the area where you’re looking to make your purchase. You have to know how much you can afford to buy a home. When you’re looking at property, there are many things you’re going to want to ask about. There are also the details like closing fees and home inspections that you have to keep track of. But one of the biggest milestones connected with your property purchase is going to be getting a first mortgage. At Cliffco Mortgage Bankers, we’re committed to helping our clients get that first mortgage.
Cliffco Explains Your Loan Options
Cliffco can help first time home buyers secure the financing they need to make their dreams of home ownership a reality. We can help you learn about loan programs that are available to those who might have difficulty financing that first purchase. So Cliffco wants you to understand about the process you have to go through to get that first mortgage.
Preparing for The Mortgage Process
If you’re ready to buy or even if you’re ready to look, you’ll benefit greatly from understanding the process. A good first step is to get pre-approved for a loan, so you’ll know how much you can afford. A quick way to get a sense of what might be feasible is to take a look at Cliffco’s Mortgage Calculator. Cliffco can help you with the process and we can give you a free credit check, as well.
When applying for a loan, the website Money Under 30 recommends you learn the following things:
- Your monthly income
- Your monthly debts (credit card bills, car loans, student loans, etc.)
- Credit score
- Results of your mortgage calculation.
The Underwriting Process
Once you have an idea of the basic parameters of your loan, it’s time to move on to the underwriting process. This is going to require collecting documents needed to move the process forward. The documents you’ll need are listed in our Mortgage Checklist. They include tax returns and tax documents like W2s and 1099s over the past two years; pay stubs; bank statements; investment statements like 401k or securities as well as your Driver’s License and Social Security Card.
The processor will gather all the information, organize and package them before handing over the documents to the processor. The underwriter will check them and will make sure you’ve met the mortgage requirements. Once the underwriter determines your file passes muster your loan is approved and you can complete the process.
Cliffco Can Find the Right Loan for You
If you’re trying to qualify for your first mortgage and you’re concerned that you might not be able to afford the home you want, talk to Cliffco. We can tell you about FHA loans that can lower your down payment or VA loans which are available to veterans of our armed forces and more.
If you’re a first time home buyer and you have questions or concerns about the mortgage process, Cliffco Mortgage Bankers can help. Contact us today.