A Beginner's Guide To The Mortgage Process
As a first-time homeowner, the excitement of fulfilling the homeownership dream may wear off quicker than expected as you trudge along the mortgage application process. The process involves a copious amount of work and understanding the complexities it involves makes it an unenviable task. Without the right help, you may miss out on your dream home or worse, find yourself purchasing the wrong mortgage product.
At First Fidelity Mortgage, we love educating our clients and helping them make informed decisions. We also enjoy assisting first-time home buyers. If you are purchasing your first home and don’t know where to begin with the mortgage process, we have formulated a Beginner's Guide to mortgages to help you understand the process better.
Get professional help: As a homebuyer, your first step should always be to speak with an experienced mortgage broker in order to get pre-approved.
How can a broker help me?: By speaking with an experienced mortgage broker first, they will review your credit, income and assets upfront to ensure you qualify for a mortgage. They assure that you’re comfortable with all aspects of the loan. For example, the monthly payment and down payment. Most importantly, they help get your mortgage loan closed in thirty days or less.
Hire an expert: By hiring the right experienced mortgage professional, your home buying process will be a lot smoother. If you have any questions during the loan process, don’t hesitate to call, email or text. As mortgage brokers, we try to make ourselves available to our clients whether it’s day, night or weekends.
Do not open new credit: Your mortgage application is based on the status of your finances at the time of your application. However, until it is approved, you should avoid opening any new credit during the mortgage process as it could affect your chances of getting approved.
Avoid financial changes: A change in your financial situation could affect your application. Ensure that your financial situation doesn’t change throughout the loan process. However, if it does, be sure to notify your broker as soon as possible.
Advice From The Pros
Don’t stress!: Try not to get stressed out during the loan process. This should be an exciting time in your life, try to enjoy it. At First Fidelity Mortgage, we all have over thirteen years of experience in the mortgage industry, so you are in good hands.
At First Fidelity Mortgage, we use our experience to exceed your expectations and get you the best mortgage product available. As leading mortgage brokers in Louisville, KY, we help you find some of the lowest mortgage rates and closing costs in the industry and offer a wide variety of loan programs and lending options to fit the specific needs of our clients. Visit our website to learn more or contact First Fidelity Mortgage today.