There is always great excitement and anticipation when purchasing a home. It’s a new beginning or a new phase of life to look forward to. Our goal at Mortgage Evolution is to perform flawlessly as your lender so you can be at ease during the process and remember the event as the special experience it was meant to be. Continue reading and learn the steps involved and how we work.
Develop your plan
When would you like to take the plunge? What areas will you consider? What’s the purchase price range in the areas you’re interested in? Are there certain things you want or need to accomplish before you are ready? We can help you prioritize your preparations. Many feel they must pay down credit first, be on the job for one year or save for a large down payment when, in fact, you may very well be ready in all of those areas right now.
Determine your budget
There are two areas to budget or quantify. First, it’s a good idea to determine the payment range you can reasonably afford along with consideration of future income increase or debt that will be eliminated in the future. Secondly, you’ll want to know how much money you’ll have available for the purchase. Checking, savings, gift funds from family and retirement funds can be used to purchase a home. And if you think you don’t have enough? Explore our down payment assistance options and did you know sellers can contribute a significant amount to a buyer’s closing costs? You may be closer than you think.
Types of mortgages
All mortgage options and variations are rooted in Conforming, FHA, VA, USDA or Jumbo financing. There is something for everyone and we have the entire suite of loan programs represented and even some specialty or alternative loan options for specialized circumstances.
Get pre-approved / Prepare your documentation
To learn how much you may qualify, what your available loan programs are, what your payment might be, and how much money you’ll need, you’ll want to start and complete the pre-approval process. It’s a good idea to do this well ahead of shopping for homes or placing offers. And for your pre-approval to be a reliable estimate of how much you might qualify for, there’s no way around it; you will need to prepare your documentation. So, get your tax returns, W2s, pay stubs, and bank statements ready and we’ll guide you on the other specific documentation needs based on your situation.
Mortgage Evolution does not require the borrower to supply any documentation or get pre-approved prior to receiving a Loan Estimate. Mortgage Evolution may require documents to prepare a pre-approval, if a pre-approval is requested by the applicant prior to identification of a property. A preapproval is not a loan approval, rate lock, guarantee or commitment to lend. An underwriter must review and approve a complete loan application after you are preapproved in order to obtain financing.
Assemble your team
Mortgage Evolution is the first stop so you can dial in your financing. Now you’ll want to find a good real estate agent (realtor). Your realtor will be able to help you narrow down the available homes on the market to those that fit your wants and needs. Once you have found the home you want to purchase, we will work with your realtor towards submitting the most attractive and compelling offer possible.