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Your Step-by-Step Guide to Getting a Mortgage Loan

You are ready to buy a house, and chances are you don’t have a suitcase full of cash at your disposal. So, that means you will need to get a mortgage loan. Before you start shopping for your home, you will need to shop for a mortgage.  Here is a step-by-step guide to help you along the way:

Step 1: Research Mortgage Lenders

Many first-time buyers make the mistake of finding the perfect house before they have shopped for a mortgage. All lenders are a little bit different in terms of interest rates, closing costs etc., so it is smart to comparison shop before choosing your lender. This process will also help you discover if there are any concerns lenders might have with your application so that you can take care of them before you find your dream home!

Step 2: Get Pre-Approved for a Mortgage Loan

Getting pre-approved for a mortgage is an important step that shouldn’t be skipped. It not only lets you know how much you can afford for a house, but it also lets sellers know that you are serious about buying and may give you an advantage over other buyers.  How to Get a Mortgage Preapproval

Step 3: Get a Home Appraisal

Once you’ve chosen a lender, made an offer on a home, and signed a sales contract, your lender will want to schedule a home appraisal.  A professional home appraiser will check out the home and assess its market value using comparable homes for comparison. Home Appraisals: What They Are and How the Process Works

Step 4: Title Search

Once you have purchased your home, you will “take title” of the property. Congratulations!  You are now the rightful owner!  But your lender will want proof. So, they will ask for a title search.  A paid title company will search public records for an possible heirs that think the property belongs to them, for liens that might still be on the home, or other issues. Once the title is cleared, you can move forward to closing.

Securing a mortgage may seem like a long, time-consuming process, but when you sign the dotted line and become a homeowner, it will all have been worth it!

Residential Real Estate is considered an essential service and we are here for you and we will be compliant with all CDC regulations.  You are safe with us! So, if you are ready to sell your home, Call the TAMPA BAY real estate professionals, Linda & Craig Nowicke at Inside Tampa Homes and let them assist you in getting your home STAGED, PHOTOGRAPHED and SOLD for the highest possible price!  

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