Ever since the housing bubble collapse of 2008, more and more Americans are finding it harder to secure a home for their own selves. Massive industrial turnover leaves individuals with very little after-tax income to apply for a mortgage. The process is further complicated by the existence of several loan sharks in the market.
At Absolute Home Mortgage Corporation, we offer a comprehensive step-by-step guide for all first-time buyers (and even subsequent buyers and sellers) to purchase a home of their liking. Right from the first step till the last, we provide tailor-made support to all our clients looking for a new house. Here’s what you need to know when purchasing a new house:
Despite of what everyone might say, preapproval is the first requisite towards buying a home. This process enables you to determine the best loan and repayment options, in light of your income level and credit history.
Absolute Home Mortgage Corporation offers a range of tools, such as affordability calculators, to give you an insight to your current position and which price range is best suited for you. Preapproval also aims to:
✔ Provide you with an idea as to the loan amount and purchase price within your range
✔ Enhance your bargaining power and offer made to the seller and the real estate agent
✔ Jump start the approval and documents’ handover process
To know more about the perks of preapproval, please visit our “Getting Preapproved” section
For first-time buyers, the market is full of loans: traditional, jumbo, VA, FHA, 30 year fixed, 15 year fixed, hybrid loans, and the list goes on. Each loan has its requirements and conditions. Low interest loans spread over long repayment terms, whilst short-term loans carry high interest rates. It is best to consult a licensed and experienced loan officer at Absolute Home Mortgage Corporation on all the different loans available, before making your final choice.
Once you have your credit history verified and locked down on a particular loan option, the next step is to avail the services of a Realtor. These real estate agents offer guided tours of various houses for sales in different vicinities and chalk out the initial purchase agreement. The sellers have several counter offers as well, and Realtor assistance is required at this stage.
There is a considerable time lapse since your pre-approval and the day when you decide on the home you wish to buy. In the interim period, your documents may require an upgrade with respect to any changes in your purchasing power and/or income level. Therefore, do review all your documents carefully.
Absolute Home Mortgage Corporation offers review services at every stage of your home purchase. We have a team of specialists to go through your loan application and other documents to ensure any updates on a timely basis.
Towards the end of the purchasing process, our loan officers will provide you with a Lock Agreement that contains all the terms and conditions of your loan and repayment. Once signed, you are now eligible to apply for home ownership.
Before closing the deal, we recommend that you inspect the property and look for any structural or other damages beforehand. If any appliances are damaged, they need to be repaired before you decide to move in. Absolute Home Mortgage Corporation can arrange your appointment with independent home valuators and Realtors to spot any damages that need repair and to determine the correct market value of the home. These appraisal activities provide an assurance of whether or not the property is worth your investment.
Finally, your Processor will complete and file your purchase agreement to the underwriting department for approval purposes. After approval, the loan documents are ready for signature. 30 more minutes after the signature and the home is yours!
To learn more on the tips and tricks for loan and mortgage applications, how to avoid scams and our quality services, please feel free to give us a call!