PURCHASING A HOME IN MN, WI, and SD
Congratulations on your decision to buy a home. If you're like most people, purchasing a home is probably one of the biggest investments you'll ever make in your lifetime.
When buying a home, the process can feel pretty overwhelming. There are numerous factors to consider when purchasing a home, so it is important to prepare as best you can.
At Mortgages Unlimited, Inc, we are dedicated to finding the loan that fits your individual needs. We employ only fully licensed and experience Loan Officers who are ready to help. Not just taking an application, but holding your hand through the entire process.
The First Steps to Buying a House
The first step (unless you are paying cash), is to determine your loan qualifications. To do that, you need to complete a full mortgage application, and submit your basic supporting documents to your Loan Officer for review.
Your Loan Officer will review your application, pull and review your credit report, and verify the information to determine:
- What loan programs you qualify for
- How much house you can safely afford
- An estimate of what your new house payments would look like (including taxes and insurance)
- How much money you will need out of pocket for down payment and closing costs
Assuming your application looks good, you will be given a Pre-Approval Letter from your Loan Officer. This tells Real Estate Agents and home sellers that a mortgage company has reviewed your application, and that it looks good that you will pass final underwriter review.
Second Steps in Buying a Home
With your Pre-Approval Letter in hand, you are now ready to speak with a Real Estate Agent about homes that fit your needs, and within the price range your Loan Officer discussed.
Many people start the process with a Real Estate Agent, but without knowing what you can afford, what is the Real Estate Agent supposed to show you?
Your Real Estate Agent will help you find the perfect dream house, and assist you in writing and submitting your offer to buy the home. This can be a crazy, and exciting time... Especially once your offer is accepted!
Third Step in Buying a House
Once your offer is accepted, most home buyers with smartly do a home inspection before finalizing the deal. When the inspection is over, now everything goes back to your Loan Officer for final Underwriting review.
We will need you to sign application documents based on the exact house you are buying. We will always need your most current pay stubs, bank statements, and other supporting documents. Your lender will also order an appraisal, and request a title commitment from a title company.
With all that information in hand, your Loan Officer will submit your application to Underwriting for full and final review. Assuming everything looks good, your application will be fully approved - known as Clear-to-Close. At this point there is nothing to do but wait for the big day!
Final Step - Closing on Your New Home
It may seem like forever, but the big day will finally arrive. You will go to the closing - and yes - you will sign a lot of papers. It generally takes about 45-minutes. But eventually, you will be handed the keys to your new home! How cool is that?
Some popular Mortgage programs are:
- Standard Conventional Loans (Fannie Mae - Freddie Mac)
- FHA Loans
- VA Loans
- USDA Loans
- First Time Buyer - Down Payment Assistance
Getting Started is EASY