Mortgage Loan Process:

Steps To Home Ownership

Have you heard of 0% to 3.5% down when buying a home? What about FHA, VA, Fannie Mae Loans? There are plenty of reasons to buy a house rather than renting. Below you will ways to own a home through financing that can fit your monthly budget.
Getting a mortgage pre-approval is a great way to start the home buying process. If you already have a lender, contact them for their specific requirements. Furthermore if you are in need of a mortgage lender, contact Sarah for a list. A pre-approval letter inform you of how much you can afford in a home. Additionally, it places you in a stronger negotiating position with the seller’s.
Typical items needed for a mortgage pre-approval:
  • Tax returns with all schedules for the most recent 2 years.
  • W-2’s, 1099’s, for the most recent 2 years.
  • 2 months of bank statements with all pages.
  • Name and number of work contact and landlord.
  • Most recent 30 days worth of pay stubs.
  • Most recent statement for investments (401K, IRA, etc.)
  • Other items may apply (letters of explanation, divorce decree, child support etc.)
A pre-approval is an idea of the mortgage amount for which you qualify for. Another key point is, when you find your dream home, it’s time to make an offer. Sarah Tobie will guide you through the offer before directing it to the seller’s agent.
My offer was accepted–Now What?

Home inspection- Hire a certified Florida inspector. He or She will check to see if there is any hidden defects in the home.

Appraisal-  An appraisal compares the home with homes located in the community. Thus, the appraisal will confirm if your home is worth the offered price.
Title insurance- is a policy to guarantee a free and clear title to the house or property. A title report is a needed to ensure that there are no “clouds” or problems with the property.
Flood insurance- it’s always a good area to buy flood insurance, in the event of any flood. After all we are in Florida, thus you never know when we may have a bad hurricane or a rainy day.
Finally, the last step is closing the deal. The location and time of closing day will provided by your realtor. You will receive the keys to your new home, after all the paperwork has been sign, notarized, and recorded. Additionally, there are certain things you should refrain from during before closing day, including:​
  • Make any large purchases (vehicles, jewelry, furniture)
  • Do not have any over draft.
  • Apply for extra debt, such as credit cards, car loans etc.
  • Do not co-sign a loan for anyone.
  • Large cash deposits into checking/savings without discussing with your loan officer first.
  • Do not have any late payments on bills.
  • Omit the use credit cards.
Do not switch jobs without addressing with your loan officer​!
Want to learn more information the mortgage loan process? Contact Sarah Tobie here.