Purchasing a new home is very exciting, however, the mortgage process can be intimidating and overwhelming. Figuring out how you are going to finance your new home should be done before you even start searching for a house. Here are a few tips on how to get a mortgage so you can secure a loan without a problem.
- Before you step foot in a house, you should shop for a mortgage. All lenders are different so it is in your best interest to compare the loans as well as interest rates, closing costs, and more. This is also a good time to decide if you want to apply for a fixed-rate or adjustable-rate mortgage loan.
- Once you have chosen a mortgage lender, you need to get pre-approved. Getting pre-approved for a mortgage lets sellers know that you are serious about making a purchase on a home. This will also let you know how much house you can afford to buy.
- After you have found a home you love and made an offer, you need to order a home inspection. Schedule a home inspection as soon as you can. This will give you plenty of time before the closing date to negotiate with the seller if the inspection reveals any issues.
- Be responsive to your lender. If you qualified for a mortgage, you will receive conditional approval. Make sure to respond promptly to anything your lender may need to keep the application process moving forward.
- While your loan is in process, avoid taking on new debt. Do not open new credit cards or make any big financial purchases.
- Make sure you lock in your rate if you have not already done so. Your rate must be locked in no later than 10 days prior to your closing date.
Our agents in Raleigh, Lake Gaston, and South Hill are here to help you every step of the way. Give us a call at 919-785-1100 with any questions you have about the mortgage loan process. We look forward to helping you find your dream home.