Home buying is exciting! Still, it does require resources—especially when you’re funding and securing a home loan. In fact, whether you’ve found the home of your dreams or you’re still looking, getting a home loan is critical. After all, it can set the stage for where you’ll be living—and how you’ll be paying—for decades.
Check—and maintain—your credit score.
If you’re still saving up to buy a home, there’s something to do in the interim: checking your credit score. Every American is entitled to free credit reports. Several major companies offer credit reports without any payment necessary. If you have a good score, maintain it. If you have a lower score, try to raise it. This will help you secure a home loan with more reasonable interest rates. Start with a free credit monitoring website/app like Credit Karma.
Apply for a loan.
It’s time to talk to your lender. You’ll sit down for an interview. There, you and the lender will discuss the loan itself, how to apply, and the documents you need.
Prepare your documentation.
As you’re securing a home loan, don’t forget about the necessary documentation. Ask about the required papers, such as credit reports, pay stubs, etc. Then, get them together—sooner, rather than later. That way, you’ll be fully prepared for when it’s time to turn them in. Plus, getting your documentation together in a timely manner can speed up the whole process of getting a home loan.
Submit the loan.
Interview? Check! Documents? Check! With those critical tasks completed, you and the loan processor can officially submit your home loan.
Wait for next steps.
It will typically take your loan approval one to three days to come through. However, it’s important to remember that you may be given conditions to follow after you apply. This can add a bit more time to the process, so make sure to give yourself a little bit of wiggle room if possible.
Determine closing costs.
After loan approval, your loan documents are sent to the title company. Then, you will make an appointment with the escrow office to sign your final documents, at which time you will learn your closing costs.
Pay your parts.
The time is here—you’re paying closing costs. As for your lender, they’ll be paying their part too: the loan.
Watch the title transfer.
After the necessary payments are made, the property title will transfer, making your home officially yours. That means all you have to do is move in!
Securing a home loan may sound daunting, but if you follow these steps, you can look forward to success—and living in your new house too. Still searching for a home to call your own? Ryan Roberts can help you find your dream house in the Auburn, Lake Martin, and Opelika area. To begin, fill out our contact form here. Plus, to read up on real estate knowledge, visit our blog here.