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Are You Ready For A Home Loan?

Have you ever thought that you would love to own a home but never got started because of the intimidating loan process? Never fear – whether you are thinking about buying a home in a month, 6 months, or even a year, mortgage loan officers are here specifically to be a helpful tool to you! A perfect first step is to meet so they can help with gathering items, making sure everything is financially in order, and answering any questions that you have so that you are comfortable and prepared.

Now that you and your loan officer have decided you are ready, it is time to get pre-approved. Most realtors will require a pre-approval letter before they will start showing you homes. The first question you will be asked in the application process is what amount you would like your loan to be. “I would like a $900,000 home, and can I get a loan for a golf cart?” “I can afford about $1000 per month. How much should my loan be?” There are a lot of great mortgage calculators online to help with that. Again, your loan officer can be a resource for helping you determine things like a final loan amount you can qualify for and the monthly mortgage payment amount you are able to afford.

After determining a loan amount, you can apply for your pre-approval. May we suggest Great Basin FCU? We do not charge a fee to apply and offer a short, basic process. For any lender you choose, make sure you are aware of any fees and are being offered the greatest of service from your loan officer. After you apply, your loan officer may contact you to discuss some information in more detail and start gathering some paperwork. When a pre-approval is reached, the loan officer will issue you two documents; the pre-approval letter and a document request letter. You can now take the pre-approval letter to your realtor and start shopping for a home, and get the required document copies to your loan officer as soon as possible so that your file is ready when you put in an offer on a home.

And voila – home sweet home. That wasn’t so hard, was it?

 

For more information, please feel free to contact Kristy in our Mortgage Department  at 775.789.3138.

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