Mortgages

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What is the first step if customer need to buy a house

1. See how much you can afford-Bank generally recommend that people look for homes that cost no more than three to five times their annual household income if the home buyers plan to make a 20% down payment and have a moderate amount of other debt
2. Get pre-approved-Before you start looking for a home; you will need to know how much you can actually spend. The best way to do that is to get prequalified for a mortgage. To get prequalified, you just need to provide some financial information to our bank Mortgage Loan Officer (MLO), such as your income and the amount of savings and investments you have. Officer will review this information and tell you how much you can get the loan for. This will tell you the price range of the homes you should be looking at. Later, you can get preapproved for credit, which involves providing your financial documents (W2 statements, paycheck stubs, bank account statements, etc.) so Officer can verify your financial status and credit.
3. Find real estate agent
4. Search homes for sale
5. Make an offer
6. Inspect the home
7. Work with a Mortgage Banker to select your loan-Bank Mortgage has a wide range of competitively priced loan programs and a reputation for exceptional customer service. You will have many questions when you are purchasing a home, and having one of our experienced, responsive mortgage officer assist you can make the process much easier.
   • Proof of income-“No verification” or “no documentation” loans are a thing of the past, so all borrowers need to be prepared with W-2 statements from the past two years, recent pay stubs that show income as well as your to date income, proof of any additional income such as alimony or bonuses and your two most recent years of tax returns.
   • Proof of Assets-You will need to present Bank statements and investment account statements to prove that you have funds for the down payment and closing costs, as well as cash reserves. An FHA loan requires a down payment of as low as 3.5% of the cost of the home, while conventional home loans require 10% to 20%, depending on the loan program. If you receive money from a friend or relative to assist with the down payment, you will need a gift letter to prove that this is not a loan.
   • Good Credit-most lenders today reserve the lowest interest rates for customers with a credit score of 740 or above. Below that, borrowers may have to pay a little more in interest or pay additional discount points to lower the rate. FHA loan guidelines have tightened in recent months, too, so that borrowers with a credit score below 580 are required to make a larger down payment. Most lenders require a credit score of 620 or above in order to approve an FHA loan. Lenders will often work with borrowers with a low or moderately low credit score and suggest ways they can improve their score.
   • Employment Verification- Underwriter will call your employer to verify that you are still employed and to check on your salary. If you have recently changed jobs, an underwriter may want to contact your previous employer. Self-employed borrowers will need to provide significant additional paperwork concerning their business and income
   • Documentation-MLO will need to copy your driver’s license and will need your SSN and your signature allowing the underwriter to pull a credit report. Be prepared at the pre-approval session and later to provide (as quickly as possible) any additional paperwork requested by the underwriter. The more cooperative and expeditious you are, the smoother the mortgage process will be.