Welcome to part II of our series on how to get a mortgage. Last week we discussed steps 1-5 to getting a mortgage for your new home. This week we’ll complete the series with steps 6-10.
6. Get preapproved for a loan
At this point in the process you should be ready to apply for preapproval from several lenders. Preapproval will help you have clout when making an offer on a home, potentially allowing you to scoop another potential buyer. It will also tell you how much money you can borrow, so you know what price range to look for.
To get preapproved, you’ll have to provide detailed documentation of your income, assets, current debts and other finances. If someone is helping fund your down payment, they must provide a letter testifying that the money is a gift and not a loan.
Compare the preapproval offers you receive to see which lender will give you the best interest rate, APR and other terms.
7. Shop for a house
This is the exciting part! If you’re looking for a newly built home, browse builder websites and make an appointment to visit the homes that interest you. Most builders, such as TimberCraft Homes in OKC, maintain an inventory of brand new move-in ready homes. When you tour each house, compare its features to the list of wants and needs you created ahead of time. Take notes or photos to help you remember the details of each home you tour. You can visit the top contenders more than once to help you make your final decision. Also be sure to tour the community and check out any amenities that are offered on site.
8. Apply for a mortgage
Note that getting preapproved to buy a home doesn’t guarantee approval to buy a particular house. The home must be appraised and possibly inspected, and you may have to provide additional paperwork. The process will usually go faster if you apply with a lender that preapproved you.
9. Be patient and responsive during underwriting
While your application is being processed, you may be asked for more information. Be ready to supply documentation on time. The house will also be appraised during this time, and a title search will be done to make sure there aren’t any liens against the property.
10. Close on the house
When your loan is approved, you’ll meet with the sellers at the closing, sign papers, pay the closing costs and receive the keys to your new home!
TimberCraft Homes builds stylish new homes in OKC’s most popular communities. Quick Move-In homes are ready now in Highland Pointe, Anthem and Echo Park. These growing communities in OKC and Edmond OK feature on-site amenities, good schools and quick access to store, restaurants and everything you need to live life to the fullest.
Start the new year in a brand new home or choose a lot and floor plan and we’ll build it for you. We work with preferred lenders to offer you the best deals on a full range of affordable or luxury homes. Call 405-347-7035 today to tour our communities and see the available homes. We hope you enjoyed this series on how to get mortgage!
