Obtain a Mortgage

Obtain a Mortgage is step 6 in the https://homebuying.realtor/home-buying/getting-started/home-buyers-toolkit . This information is from  National Association of Realtors and is  deemed reliable not guaranteed   https://homebuying.realtor/home-buying/finding-home, 

An ABR ( Accredited Buyer’s Representative) can help you every step of the way

If you already have done the legwork in Step 2 , you are a major step closer to obtaining a mortgage. Applying For A Loan You’ve made an offer on a house, chosen your type of loan, and selected one , or more preferred Lenders, next step is to get a Loan Estimate and complete the loan application . Loan Estimates are a Federal form that detail all costs associated with the loan. For a Lender to to provide this they need minimal information and may charge a small fee to run your credit. Comparing cost could save you over the course of the loan Finalizing your mortgage  Lender requirements differ , however there are some common items: social and birthdate, paycheck stubs , ID card, W-2/ Tax records, previous employers, accounts , assets , liabilities , current and previous address, fully executed contract of house you are purchasing Special Situations: Additional Information Required  Different Lenders may have different requirements and require additional information Few examples are, self employed / compensated on a commissioned basis, separated or divorced, Benefits or public assistance considered as income, bankruptcy / foreclosure/judgements in past 7 years, a Department of  Veterans Affairs loan application All the forms and documents involved may seem excessive, they are necessary for meeting mortgage requirements. Other Important Considerations Points and rate options, some stated mortgage rates include points. A point is a one percent of the amount of the mortgage , sometimes Borrowers pay higher points in exchange for a lower interest rate Changing your financial picture ,  your financial picture cannot change between the time you apply for a mortgage and close on a property, even after you have been approved. For example do not go buy a new car , major appliances/furniture or change jobs at this time. Your financial status must be the same on closing day as it was when you were approved for the loan. Homeowners Insurance  Your Lender will require you to obtain homeowners insurance before closing and provide proof, if need also flood insurance. Cost and coverage can vary , pending what is covered, cost of policy, deductible, wind and flood insurance. Escrow Accounts  You will also need to decide if you would like to pay your property taxes and homeowners insurance policy on your own , or wrap them up into your mortgage payment . information is from  National Association of Realtors and is  deemed reliable not guaranteed   https://homebuying.realtor/home-buying/finding-home,  An ABR ( Accredited Buyer’s Representative) can help you every step of the way For a Buyers presentation or information on our community please visit:  https://kingsbayhomesource.com/communities/

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