7 Easy Steps to Getting Your Mortgage
Buying a home does not have to be hard or complicated. I have broken it down to 7 easy steps below. I am Tim Tomkowiak a license loan officer in Michigan and I help first time home buyers. Since 2019, I have helped over hundreds of people purchase their first home or refinance their home. I specialize is making the home buying process simple and easy. If you take my advice, homeownership can be achievable for you as well.
Make Sure You Are Ready To Buy
The first step in the home buying process is checking to see if you are even ready to buy a home. Buying a home is one of the biggest purchases you will make. Some people will be ready and others may need to work on a few things. First check your credit, make sure you have at least a 640-credit score or above. Secondly, make sure you have money saved in the bank. We do offer down payment assistance programs and other first time home buyer programs, but you will need money to buy a home. Lenders will not financing the full amount of your home purchase. Lastly do you have 2 years of full-time steady income, lenders want to see you have income and will not have any issues making your mortgage payment.
Get Preapproved
The next step is securing financing for your home purchase. Unless your paying cash for a home, you will need to get pre-approved to buy a home. A lender will check your credit, income and review your liabilities. Best to apply for a pre-approval with two different lenders. Must have your paystubs, W2’s, bank statements and a copy of your driver license ready. Lenders will request these documents in order to issues you a pre-approval letter.
Go Home Shopping
This is my favorite part of the home buying process! After you have your pre-approval letter, give your realtor a copy of the pre-approval letter. The realtor will be able to schedule home showing and help you with the home search. Once you find the perfect home, speak with your realtor and place an offer on what you are will to pay for this home. Be patient and persistent, most buyers have to place a several offers until they get their offer accepted.
Finish Financing Your Home
Congratulation and your offer have been accepted! We are halfway there and you are almost a homeowner. Now you should have a signed purchase contract agreement, forward this to your lender that you want to use for the financing. Now would be the time to rate shop, if getting the lowest rate is one of your goals. The lender may request update paystubs or bank statements in order to submit your loan into underwriting for a conditional approval.
Underwriting
Underwriting makes the final decision on your home approval. Underwriting may request additional documents, letters of explanations and more. Maybe sure you provide all the requested documents in a timely order to avoid any delays in your home purchase.
Appraisal
Next the lender will order an appraisal of the property to ensure the value of the home, safety and overall condition of the property. The property is the lender collateral and the lender will only want to lend on a good functional property.
Make it stand out
Whatever it is, the way you tell your story online can make all the difference.
Closing
Congratulation and this is the final step in the home buying process. You been pre-approved, you found a home and you been clear to close by underwriting. Now you need to either do a wire transfer or bring a cashier check to the closing table. Most of the time, you will close on your home purchase at a title company. The lender will let know the amount to bring or wire transfer to the title company. This amount will include your downpayment, closing costs and prepaids. After you sign your loan documents and pay your cash to close, you will get the keys to your new home!
We Make Getting a Mortgage Easy
We at Mortgage One, have helped hundreds of families since 1994. We believe homeownership should be affordable and achievable for everyone. This email did not address every question or scenario. If you have questions or need help, you can join are Facebook group, schedule a call or call us up directly. We are here to help educated clients on the home buying process without becoming overwhelmed. Thanks, and looking forward to serving you with all your buying home needs.
𝙂𝙧𝙤𝙪𝙥 𝙩𝙤 𝙇𝙚𝙖𝙧𝙣 𝙀𝙑𝙀𝙍𝙔𝙏𝙃𝙄𝙉𝙂 𝘼𝙗𝙤𝙪𝙩 𝘽𝙪𝙮𝙞𝙣𝙜 𝙖 𝙃𝙤𝙢𝙚 𝙞𝙣 𝙈𝙞𝙘𝙝𝙞𝙜𝙖𝙣
𝘽𝙪𝙞𝙡𝙙 𝘾𝙪𝙨𝙩𝙤𝙢𝙞𝙯𝙚𝙙 𝙃𝙤𝙢𝙚 𝙋𝙪𝙧𝙘𝙝𝙖𝙨𝙚 𝙋𝙡𝙖𝙣
Call or Text us at 313-214-2400
Tim Tomkowiak
“I am a license loan officer. And I help ordinary people build equity and wealth through home ownership”
