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    How do I start the application process for an home mortgage?

  • #2
    Call your bank or credit union and ask to speak to someone that deals with mortgage applications.
    Brian

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    • #3
      apply online with ING, get a decision within a few minutes, go shopping for a house the same day with proof of funding
      retired in 2009 at the age of 39 with less than 300K total net worth

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      • #4
        You might check out the Mortgage Loan section on the MyFico forums. Lots of information there and a handful of loan officers and mortgage brokers that regularly contribute to the forum.

        As I was going through the home buying process a few months ago, the information that I found there was invaluable and cleared up many questions that I had.

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        • #5
          Originally posted by rogers View Post
          How do I start the application process for an home mortgage?
          Welcome to the forums!

          Yes, check with your local bank or credit union. Things to consider:

          1. How much is your total monthly household income?

          2. How much are your total monthly expenses?

          3. What debts do you have?

          4. What kind of mortgage do you want to get?

          5. What size and features are you looking for in a house?


          Check out too:

          Checklist for buying a house

          Difference between Pre-Qualified, Pre-Approved, And Loan Commitment


          Welcome again.
          ~ Eagle

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          • #6
            Originally posted by bjl584 View Post
            Call your bank or credit union and ask to speak to someone that deals with mortgage applications.
            Thanks for giving me a valuable reply.

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            • #7
              Originally posted by rogers View Post
              How do I start the application process for an home mortgage?
              You can walk and talk to your nearest bank or credit union in your place.

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              • #8
                I think in preparation for a mortgage application, you may want to find out what the prevailing interest rates in your area is. (I use www.bankrate.com)Your next step is to find the institution that charges the most reasonable rate. You can usually search online for that. You can also use bankrate to search for the lowest rate. After you determine which institution you want to use, you can generally apply online.

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                • #9
                  When you have found a home and the seller has accepted your offer. itís time to apply for your loan. If you have already found a lender, get in touch with them and they can take your application.

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                  • #10
                    Originally posted by juvy View Post
                    When you have found a home and the seller has accepted your offer. itís time to apply for your loan. If you have already found a lender, get in touch with them and they can take your application.
                    Probably a good idea to get pre-approved. If you find a home you like and a seller has more than one offer the tendency is to sell to the buyer who is already pre-approved. Just a thought.
                    ~ Eagle

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                    • #11
                      First of all you have to know all he steps of home mortgage, if you have to take a loan, then know which loan is good and how you can get approval, it is time for an actual credit approval verifying income, liabilities and your ability to repay the loan. Follow these steps:
                      Gather essential financial information.
                      Begin your application in one of the following convenient ways:
                      @Connect with a mortgage consultant.
                      @Complete the online contact form.
                      Provide supporting documents.

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                      • #12
                        Have you found a home f yes then contact a mortgage broker or the bank and talk to the expert there. More than anyone else they will be knowing how to proceed about this. You wll need a number of documents and papers so make sure you get all that ready and then file for mortgage.

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                        • #13
                          Originally posted by rogers View Post
                          How do I start the application process for an home mortgage?
                          First port of call should be to get online and do some research around current interest rates and see what products are available. Comparison websites such as bankrate.com(US) or moneysupermarket.com(UK) are a great place to start.

                          After that, go to your bank and see if they've got a product that suits you. If not, then seek out a Mortgage Broker or Independent Financial Adviser (IFA) who will have access to a large number of products. Failing that get a recommendation from your realtor/estate agent.

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                          • #14
                            Once you have decided to go with a certain lender and signed a purchase contract, it is time for an actual credit approval verifying income, liabilities and your ability to repay the loan.

                            Most loan applicants go to their loan interview with a signed copy of purchase contract. A purchase contract for the house will specify the amount of your down payment, the price you will pay for your house, and your proposed closing date. When you go to apply for a mortgage, the lender will use all these data to calculate whether the house you want to buy can serve as collateral for the amount of money you wish to borrow.

                            Your ability to obtain a mortgage to a great extent depends on the information contained in your Credit Report. So, it's a good idea to get your credit report, before you apply for a mortgage, and correct errors.

                            To ensure that your mortgage application will be processed as quickly as possible, itís important to bring all the proper information to your loan application interview. Click on the Loan Application Checklist for a list of documents most lenders will require in order to process your mortgage application.

                            Typically, you will complete the Uniform Residential Loan Application, that is widely used in the mortgage industry, during the initial interview. Keep in mind that probably you will be required to pay an application fee, credit report fee and the appraisal fee when you submit the mortgage application.

                            After you apply the lender will begin the work of verifying all the information you've provided. This loan approval process, described in the next step, can take anywhere from one to eight weeks, depending on the type of mortgage your choose and other factors.

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                            • #15
                              Order your credit report first to know what your score looks like. From there, I would contact my bank and speak with a mortgage personal. Do not allow people to pull your credit report. Ask for the credit guidelines so that you know the credit score required. I believe the min score for a mortgage would be a min 620 score.

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