You might assume that the process of getting a home loan will be frustrating and complicated. While there is a lot of work involved, you can get easy home loans when you do research and remain diligent. Take control of the home loan process by preparing yourself to fund your life's most important purchase.
1. Be Prepared
Before you can successfully get a home loan that meets your needs, you'll need to do a bit of studying. Familiarize yourself with different kinds of loans, terminology, and rates. You can do this by reading more information on the Wasatch Peaks website or looking through your local newspaper. The next step of preparation is determining your monthly budget and what payment you could afford comfortably.
2. Find the Right People
Once you've done an adequate amount of research, it's time to find a loan officer and lender that will guide you through the home loan process with ease. Find a loan officer that is experienced, knowledgeable, responsive, and helpful. Working with a credit union such as Wasatch Peaks can make the process a lot easier to navigate.
Make sure you have all the necessary documents and information ready for your lender. This includes:
- Social Security number
- W-2 forms from the last two years
- Driver's license or ID card
- Verification of income, such as pay stubs for one month
Self-employed individuals need other documents, such as bank statements for the last three months and tax returns from the last two years. It's also a good idea for anyone to bring in loan statements, credit account statements, and any court-ordered payments.
4. Pre-Qualification and Approval
Your loan officer will collect this information and let you know what loans for which you are pre-qualified. He or she will then submit your loan application to a loan processor to be compiled. The appraisal will be ordered and more verification and information may be requested. Your file is then presented to an underwriter who determines the approval. Once approved, you'll simply need to complete the transfer of property and sign all documents. That's how you can get easy home loans.