For someone that is new to the terrain, getting a mortgage can seem like a stressful procedure because of the steps, the people and even the paperwork that goes with it. But with a good knowledge of the ‘how to’, it can turn out to be quite a simple procedure because you already know what to expect and you have gotten yourself prepared. At Summit Mortgage, you will get the easiest mortgage procurement procedure around today. We are just a click away on https://www.summit-mortgage.com/. We also want you know the steps that can make the process of acquiring a loan an easy one. So let’s jump right at it.

Steps Involved in Getting a Loan

1. Ensure your credit record is sound and get a preapproval for your mortgage

Before you acquire a mortgage loan, it is important for you to check if you are up for it. You would normally want to be debt-free, you will also want to have enough money saved for the down payment and closing costs. You should also try to set your credit score right because lenders would normally consider this before granting you a mortgage loan. To make your credit score good enough, consider paying off outstanding debts and hold off on other loan applications.  

Once you have checked your credit records and settled your credit scores, the next thing is getting your mortgage pre approved as this will tell you how much the lender is willing to give you and at what interest rate.

2. Choose the right mortgage and find the right lender

The preapproval you got in step one above will help you choose a house that is in the range of what the lender is willing to give you. It will also help you choose the right lending agency for you from the terms on their pre approval notice.

3. Next determine the Mortgage that suits you

This is more or less the most important consideration to you. You will have to choose from the various types of mortgage loans out there. You will choose whether conventional loans or government loans, fixed rate or the adjustable rate loans. Then you will also choose the loan term that suits you whether 10, 20 or 30 years’ mortgage. While at it, find out the rates and stick within what you can manage. If you need help with deciding, feel free to consult with us.

4. Submit your application and prepare for the closing process

The lending organization will normally tell you the documents you should submit for consideration but it is most like to include your federal tax returns from the past two years, your bank statements, your ID and social security number, your proof of a source of income. Once submitted, wait for consideration and prepare for the closing fee and other administrative fees.

Getting a mortgage loan has never been an easy process but with the right lender such as Summit Mortgage and a sound understanding of the steps and requirements on your own part, it will turn out to be a piece of cake. Decide on getting a mortgage loan and decide to get it the easy way.