Mortgage Information

Financing Your Home Purchase

Before you get knee-deep into any real estate purchase, let's figure out how much your mortgage payment will be. Calculating your mortgage payment will better prepare you for your real estate search and determine how much you're comfortable with.

$

5%

1%

5.5%

$
$

$1421

Monthly Payment

Principal & Interest $1421

Monthly Taxes $1421

Monthly HOA $1421

Monthly Insurance $1421

Loan Checklist

  • Prior 2 years of Federal tax returns. Include applicable W-2’s and 1099’s
  • For W-2 employees the most recent 30 days of paystubs
  • For the self employed recent profit and loss statements
  • Most recent 2 months of asset statements
  • Current mortgage or property statements
  • Any rental agreements for rental properties owned
  • Completed mortgage application

What to Expect During the Mortgage Process

You found a home! A rush of excitement and uneasiness at the same time. What’s the timeline and steps to make this a done deal? Your experienced Realtor at Destination Home Team will guide you through the negotiation process on price and basic timing for possession of the home. Destination Home Team offers this 6-step simple guide to the mortgage lending process to make it easier for first-time homebuyers to stay ahead of the process like a pro.

Submit Loan Application

Submit required documentation such as pay stubs, tax documents, and credit statements. Your loan officer will provide you with a specific list of what is needed.

Process/Underwriting

The underwriter makes sure the deal is rock solid and fits all guidelines. They might ask you for additional documentation. It happens often and doesn’t necessarily indicate a problem.

Home Inspection

The buyer orders the home inspection as soon as possible. Inspectors often uncover and recommend repairs at the seller’s expense that you may not have noticed.

Loan Approval

First, the loan underwriter signs off on the loan. Then, they order loan documents. Once approved, the lender sends the loan paperwork to a title company of your preference.

Home Appraisal

The mortgage lender orders a home appraisal to make sure the home you are buying is in line with your purchase offer. Appraisals must ususually come in close to the loan amount, not lower.

Closing

The title company has calculated the costs and credits for all parties. Bring in payment to close the deal and sign all loan and closing documents. The title is recorded and the keys are yours.

Ready to Buy or Sell a Home?

As experts in the real estate field, our company will help guide your family through this exciting and emotional time. Our experience in negotiation, rapport with cooperating brokers and in depth knowledge of the area will ease your home buying and selling experience. We hope to become your local real estate resource for life!

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