Mortgage Milestones To Home Ownership
Buying a home can be an exciting and memorable experience! It can also be a little scary if you’re not quite sure what to expect and what steps you should take. To help put your mind at ease, here are some helpful tips that can help make your road to homeownership smooth:
1. Get Prequalified. The first step in your journey to homeownership is to speak to a loan officer about getting prequalified. Knowing up front how much you can afford eliminates guessing and helps you save time by only looking at homes that are within your budget. A qualified loan officer will analyze your entire financial picture and provide you with a prequalification letter that can be presented to the seller when you find the home you want to buy. When you put in an offer to buy a home, a prequalification letter lets the seller know that you are a qualified buyer.
2. Know What Steps Are Needed in the Mortgage Process. Once you have found the home you want to buy and your offer has been accepted by the seller, it will be time to complete your application. Knowing what you need to do as well as what will be expected throughout the mortgage process will give you time to prepare so that everything goes smoothly. Choose a company and loan officer that will help guide you through the process and keep you and your Realtor informed along the way. Getting started early on things such as gathering your financial documentation or selecting an agent to provide homeowners insurance helps prevent delays and ensures that your mortgage closes on time. See the Mortgage Milestones graphic included here for more helpful information about the major steps in the mortgage process.
3. Keep Communication Lines Open with Your Loan Officer and Realtor. It is very important that you, your loan officer and your Realtor maintain good communication. Addressing small issues quickly and early will help keep them from snowballing and ensure that your mortgage keeps moving forward. For instance, if you are having trouble obtaining documentation that has been requested, let your loan officer know right away. Experienced loan officers are able to problem solve and may be able to offer alternative solutions that will help to resolve issues quickly. Your loan officer and Realtor are important members of your team who can provide you with a wealth of experience!
At Finance Factors we’re committed to:
•Providing personalized service. From prequalification to closing, our experienced loan officers will walk you through the mortgage process. Tools such as our Finance Factors Mortgage App will provide you helpful checklists and automatic updates as your loan progresses so that you and your Realtor always know what’s expected and where your mortgage is in the process.
• Getting you the best possible rate. Rates on our 30-year fixed mortgages are among the lowest in Hawaii! Compare our interest rates in the Mortgage Lending Leaders box on this page.
• Providing a convenient, easy mortgage experience. Contact us in the way that fits your lifestyle. Use our mobile app, visit our website, call us, or visit any one of our 13 branches. It’s completely up to you.
Call us at 548-3300 on Oahu or toll-free at 1-800-648-7136 to speak to one of our helpful, experienced loan officers or visit us at www.FinanceFactors.com.