5 Steps to Getting Your Home Loan
3 minute read
February 11, 2019


The process of buying a home and getting a loan can be complicated. Not only do you have to scour the market to look for the perfect house, but you also have to go through the process of getting your home loan. Before you can secure a new property, you need to understand what you’re getting yourself into first. Here are five simple steps that you can follow in the home buying process:

Get Pre-Qualified

Of course, you need to be ready to buy a home before you can move forward. The first step that you should take is getting pre-qualified. The process is free and will only take you ten to twenty minutes. You can arrange a meeting with your loan officer, call them, or just fill out an online form. Your mortgage lender will help you evaluate an approximate amount of your monthly mortgage payment. Pre-qualifying for your home loan is really important as it will help you set the appropriate budget for your new house. Also, your negotiating stance strengthens when you make an offer.

Start the Application Process

After you’ve found your perfect home and pre-qualify, you can go ahead and make an offer to the seller. A real estate professional will coordinate negotiations and will put forward a contract, along with the pre-qualification letter. When your offer is accepted, you will get your initial loan disclosure and start the application process. Moreover, you have to give your loan officer and processor with your latest income and asset documentation, such as bank statements. What you should do now is to complete your documents promptly and check thoroughly for any missing information or errors.

Wait For Processing

After all of your documents are ready, your processor will check again to see if any of the information is missing or incorrect. They will verify details regarding the title work, appraisal, credit report, and any further documents needed. After the review of your full application package, the processor will pass it on to the underwriter. Your loan officer will inform you timely. If you have any concerns or questions, you can consult your loan officer as they will be there with you throughout the process.

Go Through the Underwriting Process

During this step, the underwriter will look at your loan package to see if your loan is qualified for approval. They will evaluate your disclosures, asset documentation, employment, credit score, and any necessary documents to make sure that they meet with the guidelines and regulations of the loan program. If you met every condition, the underwriter will finally approve your loan.

Reach a Closing

Once you’ve passed the underwriting process, you’re now at the final step: a closing. At this point, a date, time, and location should be all set for closing. A few days before closing, you will get your closing disclosure, which includes all the details of your closing fees and the terms of the loan, as well as the amount of money that you need to bring for the settlement. During the settlement process, you and the owner of the house will sign some documents to transfer the property. After this, the house is officially yours!

Aceland Mortgage provides mortgages in New Jersey that are fair & affordable. Get in touch today to see how we can help!

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