Oftentimes, I'm asked, "Denise, what steps do I need to take to become a homeowner." Although there are several steps to follow to become a homeowner, here's just a few of them:1. Interview a Realtor2. Get Pre-Qualified by a lender3. Arrange property tours4. Target a home that is "ideal" and write an offer5. Present the offer to the seller6. Counter offer7. Escrow8. Loan application9. Contingency period10. Homeowner insurance coverage11. Signing documents with title company12. Down payment and closing costs13. Funding14. Close of escrowFor more details about each step, send me an email: denise.mccoytilson@rearealtors.com or call me at 916-534-5239. I would love to help.Denise R. McCoyRealtor/Employer Housing Specialistwww.ReaRealtors.com916-534-5239 or 916-852-5100
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Getting a home loan does not have to be cumbersome and daunting. All you need is a trusted loan expert who can give you honest advice on the best financing for your needs.Here are the simple steps involved in the loan process:Get an Estimate of What You Can AffordFind out how much you can afford to pay for a new home, second home or investment property. Strengthen your bargaining position and make your offer stand out by getting prequalified.Request a PrequalificationGet advice on different home loans and ratesWork with a lender to discuss the best financing for your needs.Request a Free Consultation with a Mortgage expertGet Pre-ApprovedPreapproval makes you look like a serious buyer and is favored by home sellers when they are considering bids. Contact you Mortgage Professional to find out how you can get preapproved.Find a HomeFind a home in a specific location or price range. Search the MLS and get new properties emailed to you. Work with a real Estate Professional.Apply for a LoanOnce you have decided on the home that you want to buy, the most important step is the loan application. Prepare ahead of time for this and ask your mortgage professional to provide you a checklist that will help you with the loan application.Request a Loan ApplicationComplete the paperwork and DocumentationYou will need to provide a completed loan application and the requested documentation to your loan agent. The loan application form typically asks for information about the property, the terms of purchase, and the employment and financial history of all the loan applicants. After you apply the lender will start verifying all the information that you have provided.Complete the Appraisal, Title & UnderwritingTo calculate the mortgage payment, the lender will begin by asking how much you are looking to borrow. The property value and your personal finances will determine the maximum loan amount. To estimate the property value, the lender will ask a real estate appraiser to give an opinion about its value. The appraiser's opinion can be an important factor in determining whether you qualify for the amount of mortgage you want. The loan agent will be the intermediary between you, the borrower, and the underwriter.Get Approved & Lock Your RateOnce the loan is approved, the loan papers will be sent to the escrow/title company or your attorney. The escrow officer or attorney will include other documents to the file created from information received from the lender. Once these documents are prepared, the escrow officer or attorney will contact you to set up an appointment for you to come in and sign your papers.Close the DealYour loan advisor will get in touch with you to schedule a closing date. The date will be specified on the purchase agreement. Closing is the last step and involves different types of fees like Title Insurance, Appraisal, Origination Fees/Points, Homeowners insurance, credit report fee etc. At the closing you will sign all mortgage documents and take possession of your new home. If you are refinancing, you will get a lower interest rate, or cash ou
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