What to Expect When Going Through the Mortgage Process

Decided you are ready to undergo taking out a mortgage to finance your home? Here are some things we think you should know beforehand!

• Preparation

Go into things with a prepared checklist of all the documents you may need that will help qualify you for a loan such as income statements, credit score, compiled list of assets and debts, and any other important financial statements. This way, when you meet with your mortgage banker, they will be able to tell you up front what kind of loan you may qualify for. Before browsing homes on the market, you should settle upon a price range that will be manageable for you to pay off after considering the mortgage you can comfortably afford. It is also important that you research beforehand different types of loans, mortgage terms you may need to know, and how payments can be broken down.

• Meet with Us

Our Mortgage Bankers here at Apex Home Loans will review your financial documents and goals and educate you about what your options for a mortgage are. Once you have figured out how much money you are able to put towards a down payment on a home, your Mortgage Banker will then structure a loan based on current interest rates, a mortgage type and monthly payment that fits your needs.

• Know About Additional Costs and Fees

In addition to a down payment on your home, some other costs to be prepared for are loan application fees, credit report fees, and appraisal fees. These fees vary between lenders so be sure to ask (you’ll be provided with a Loan Estimate once you’ve completed your loan application). As part of the underwriting of your loan, Apex will likely need to have your home appraised to accurately determine the fair market value of the property. And don’t forget to budget for moving costs and set aside some of your funds for any immediate repairs you may need to make.