Getting a Mortgage

When it comes to the loan process, there are several steps that one must go through.  By making yourself familiar with this process, you will better understand what is required of you and how you need to prepare.  Marguerite Wyche and Associates will be there to help you every step of the way.  One of the most important “first steps” is to locate a competent, experienced, knowledgeable, and competitive loan officer with a reliable financial institution.  OK Let’s get started!

1. Organize Your Documents

In order to obtain a mortgage, your lender will require certain documentation from you to make sure that you will have the ability to repay the loan on your new home.  Such documentation includes:  proof of employment, credit history, tax returns, pay stubs, bank statements, divorce and child support statements if applicable, and any other information that the lending company feels might be necessary.

2. Qualification

Before you apply for a loan, it is extremely helpful to understand how much you can afford to borrow.  During a meeting with your loan officer, they will review certain confidential information and give you a “pre-qualification” letter that outlines the contingencies and limits of the amount you may choose to borrow toward the purchase of your home.  This qualification letter will prove very useful during the negotiation discussions with a potential seller, since it establishes you as a credible buyer who has already met with a financial institution.

3. Find the Right Loan Program

The best way to find the right loan program is to first find the right loan officer with a reliable financial institution.  This individual is trained to assist you while you evaluate which option best suits your current financial situation.  There are many different options, and again, Marguerite Wyche and Associates have the experience to assist you throughout this process.

4. Loan Approval Process

The process of obtaining loan approval involves several steps, some of which are:
  • Review of the loan application and fully completing ALL appropriate spaces.
  • Be prepared for the loan officer to verify your credit history, employment history, and assets.  These may include such items as bank accounts, mutual funds, stocks, value of property involved and others.
  • PROMPTLY answer any requests by the loan officer for additional documents and information.  REMEMBER:  Time is of the essence!
  • Be sure that you will be available to attend the closing and sign all closing papers.

5. Closing the Loan

Once the loan is approved, you will need to sign the final closing documents.  The closing will take place at the office of the attorney whom you have chosen to handle this transaction.  It is important for you to attend in person.  You will need to bring a cashier’s check for any balance owed on the purchase of your home.  You will also need to have a valid, current driver’s license for the closing attorney to copy.  As always, Marguerite Wyche and Associates will be there to walk you through this process!