Are you ready to buy your first home? Or perhaps your family is growing and you are ready for an upgrade? Regardless of your reasoning, buying a house can be an exciting time. 

Today, Golden Eagle Mortgage wants to break down the phases of mortgage approval in a three part series that will help you apply for your mortgage and purchase your dream home confidently.  

Phase 1: Apply For Mortgage 

Pre Approval 

When you feel you are ready to begin your house buying process, one of your first steps is to get a pre-approval for a mortgage. 

Pre-approval is when a loan officer takes a look at all of your income information and gives you an estimate of how much you could receive for a loan.

To get pre-approved with a mortgage loan services company, you will need documents to prove your identity, income, and assets. 

Be sure to ask the loan officer at your mortgage loan services company what information and documents they will need from you, to give you an accurate pre-approval. Once you have all of your paperwork gathered, then the apply for mortgage pre-approval process happens quickly. 

With this valuable pre-approval information, you will have a better idea of the price range you will be able to afford when looking into potential homes to buy. 

Being pre-approved not only gives you a better idea of what your budget is, but it also shows sellers that you mean business. 

mortgage loan services

House Hunting 

Picking a location is a very important factor in your house hunt. 

Is there a certain city, town, or even block that you are especially interested in? How far are you willing to commute? What type of atmosphere are you hoping for in your community? Asking yourself questions like these will help narrow down the best areas to house hunt in.

Make a list of what you want most in a home so that you and your realtor have a better idea of what you are looking for. Have your realtor give you a list of houses for sale in the area and go visit any that interest you. 

Consider searching online for a more broad way of looking for homes. You can also do virtual tours of homes online to keep safe during the pandemic. 

Making The Offer

Once you have found a home that you love that is in your price range, you can speak to your real estate agent and together decide how much to offer. 

Your agent will then write up a letter to the seller telling them what the offer is. Once they receive the letter they will either accept, give you a counteroffer, or decline it.

If they accept it then it’s time to celebrate! You’re one step closer to being a homeowner. 

Stay tuned to find out what happens next in the mortgage approval process – and click here to get started with your own pre-approval process at Golden Eagle Mortgage today!