Have you finally decided to purchase a home for your family and are totally excited but apprehensive too about house hunting and home mortgage procurement? It is quite apparent that navigating through the mortgage process is not an easy task and can leave you quite daunted as time goes by. There are some online apps like the Home Navigator that will aid you in the procurement of home mortgage process. They are online tools that will help you keep track of the mortgage application, take disclosures and even help to sign and submit documents online without the hassle of waiting in long queues to submit or apply for various
Given below are ten simple steps that you could follow easily that will help your home mortgage process as hassle-free as possible.
Put in the application: Once you have zeroed in on the house you are planning to purchase and also decided the financial organization that you are going to approach for the home mortgage loan, the first step is filling out the application to get the dice rolling. The lender will provide you with the application form and help you fill all the details properly. This is no doubt the first step involved in securing home mortgage loans.
Request for an inspection of the home: Request to schedule an inspection of the home as soon as possible. This will provide you with ample time before the final closing date to talk out any discrepancies with the house owner and negotiate with him if the inspection brings to your notice any untoward issues. The lender will also come with you for this inspection and help to point out whatever comes to their notice as well.
Respond to your lender promptly: Once the financial agency to whom you have applied the mortgage loan gives its approval for your loan, ensure that you respond promptly to the lender whenever he asks you for additional documentation. This will ensure that your mortgage application moves forward as quickly as possible without any delays from your side.
Procure a homeowner’s insurance: It is imperative that you require insurance proof for the approval of home mortgage loans. So, make sure you procure a home owner’s insurance for speeding up the mortgage approval process.
Follow up the process: It is important that you follow the mortgage loan process very closely at every step. A home appraisal will be conducted by the lender to estimate the value of the house you intend purchasing to assess that this is on par with the market trends. The lender will also conduct a title search in order to ensure that the property you intend purchasing has no other outstanding loans. Once this gets cleared, the process of procuring a home mortgage is almost over.
Refrain from taking any other loans: One important thing you need to bear in mind while the home mortgage process in progress is to make sure you refrain from purchasing any new credit cards or any other kind of vital financial alterations. Any new loan or major alterations in your income –debt ratio can create unwanted issues in getting your home mortgage loan passed as soon as possible.
Fix your interest rate: If by any chance you have not yet locked the interest rate with the lending institution, this is one thing you need to do immediately. It is imperative that the rate of interest be locked at least ten days before the date of closure.
Check your documents: Once the home mortgage loan gets approved, title search, appraisal, and all other formalities are completed; the next major step that requires looking into is setting the closure date. The lender will fix the date of closure and inform you about how much money you need to arrange for the final closure of the deal.
Make arrangements to fund the downpayment amount and closure expenses: Make all the required arrangements to ensure you have enough cash to pay the down payment amount and the expenses relating to the final closure of the deal. You will have to produce a cash check or get the money transferred to the account on the day of closure.
Final closure: This is, of course, the D –Day when your house will be legally yours in every sense of the word. At the final closure day, it is extremely important that you carefully cross-check all the important documents that you have received and clear all doubts that may arise regarding the matter immediately. This is vital to ensure that everything is perfectly legal and correct in every sense of the word.
And lo and behold, the house is finally yours to cherish and live in!
