The Loan Process No Cost Loan Information Undertanding Closing Costs
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National Pacific Mortgage understands that your first mortgage loan can really be a nerve wracking experience. Even if you study the topic beforehand, there is so much that you won’t know about the process until you are going through it. Here is some helpful information.
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Pre-Qualifying for a Mortgage Loan
National Pacific Mortgage makes pre-qualifying for a mortgage loan easy. You may have heard about pre-qualifying for a mortgage loan from friends or even from the television. If you are just starting to look at homes for sale, you may want to get pre-qualified for a mortgage loan. Not only does this make realtors and their buyers take you more seriously, it can expedite the process so that when you do find that special home you can make it yours in very little time. Pre-qualifying means that you have gone to a lender before you found a home and you ask them to qualify you for a mortgage loan. You may be asked to give a general price range of the homes that you will be looking at, or your income will limit you to a certain price range. If you are pre-qualified, it means that based on all the information provided ahead of time, you would qualify for a mortgage loan that meets all the lender’s requirements.
Understanding Mortgage Loans
National Pacific Mortgage gets you into the right mortgage loan. While pre-qualifying is generally a good idea, you may not want to rush out and apply for the first mortgage loan that you find. Instead, you’ll want to understand the types of loans and financing options that are available. First, there are 100% mortgage loans, with a appeal around these mortgage loans wherever you go these days. These mortgage loans mean that you do not have to make a down payment to get into the house. You usually have to have fairly good credit and a stable income to get these types of mortgage loans.
In addition to the 100% mortgage loans, National Pacific Mortgage can lend 97%, 95%, 90%, 85%, and other varying amounts. What we will agree to lend may depend on the house and what sort of credit score that you have.
If you have a hard time coming up with the percentage of the sales price that you need, you may want to ask family members for help, or as an alternative, you could get someone with better credit to co-sign the mortgage loan for you. This means that the person who signs on the loan with you will also be responsible for the debt to ensure that the monthly payments are made.
Making Your Mortgage Happen
When you find a home that you would like to buy, it’s time to make it happen. Because you are pre-qualified for a mortgage loan, the process will be a lot faster and can close within a week. The closing is when the buyer and seller meet and the house is transferred from their ownership to you and your lender. The meeting is usually very brief and consists of the signing of papers, delivering funds due for closing costs, and your portion of the sale price of the home, if you do not have a 100% home mortgage loan. When you leave, you will likely have keys to your new home, and you will be the proud new owner of a mortgage loan payment!
Your first mortgage loan experience will likely be a bit of a whirlwind, but it is important that you ask questions and get the answers you need.
California Real Estate Broker licensed by the California Department of Real Estate License #01496870, DRE
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