When looking for Fort Lauderdale homes for sale to buy, it is undoubtedly one of the most stressful, thrilling and confusing dealings you will ever undertake. Even when you are not new to it you may still find the process complex and scary, specially in the case of obtaining a mortgage loan. Starting with all the countless mortgage documents, unfamiliar terminology and uncertainty, it all serves to hold back the joy of buying a brand new home. I always advise that a buyer get pre-approved for financing before starting a home search rather than afterwards. The plain purpose being that you’ll know exactly how much home you can actually afford and narrow your search to those properties. It also provides you with a little advantage when it comes time to making an offer on the house of your choice! If you choose to do it the other way around, when the sales contract is executed, getting the financing for the purchase becomes essential for all except a few buyers. If you know the steps required to qualify for a mortgage on the other hand, much of the stress may be avoided.
Initially is choosing a lender that you trust will assist you through the complete process and in the end find the very best deal on financing available for you based on your particular qualifications. Nearly all Real estate agents have a lender or 2 they recommend to assist you to get pre-qualified that they trust and have had great experiences with. Don’t be afraid to request a recommendation. We work with 2 of the most professional and honest loan officers in the Greater Ft Lauderdale area and we highly recommend them to all our clients.
To get started you should gather up some documents that will need to be supplied with your loan application. Here is a list of what you will need:
· 2 years W-2′s,
· 1 month current paystubs
· Tax Returns if Self Employed
· Contact information for Human Resources where you work
· Two months Bank Statements
· Latest 401 K or investment statement
· Value of other assets – cars, boats, etc.
· The last Property Tax Bill
The application alone could be a bit confusing for some people and most lenders will be happy to assist you through the process of filling it out properly.
Processing typically requires one to three business days. That’s when the mortgage loan professional reviews the application to ensure that it paints an accurate picture of your financial situation and is the internal process of submitting your application to the underwriter of the lender which will (with a bit of luck) approve your mortgage loan.
Chances are you’ll get a call during this time for further information. This is absolutely not a sign that there is any problem with your application. In fact, this may be a sign that you have a professional who wants everything just right to make the remainder of the process go faster.
Next is sending your application and supporting documents to underwriting. Underwriting is where the underwriter looks at the picture your mortgage banker has painted and decides whether or not this loan makes sense. The underwriter makes the choice regarding whether or not your application is accepted.
You may receive a phone call from your lender concerning some underwriter conditions to be met before they’ll approve the loan. When your mortgage banker tells you there’s conditions to clear and asks for something, do not delay. This point is where most loans are delayed. Many times, this is due to the companies that the information need to be retrieved from. It is essential for you to keep on top of this part to satisfy what’s needed to acquire your final approval so you can close on your house.
Hopefully this has given you a clear enough depiction of the mortgage loan application process.
