Your home is the reflection of yourself and to buy your dream home it can take lot of time. But home loans can help you to get it earlier and easier as you dream.
Let’s see How to Avail Home Loans if you are buying a Home
During the process of your home loan, you require important documents. So if you want to make the process quick gather all the needed documents as this procedure in the state is more security conscious.
Green card holders: You need two years W-2, pay stub that will show your earned income, tax returns, and saving bank statements
Visa holders: You should have the copy of your visa and passport, 3 months saving bank account statements.
Now you have to decide how much you can afford as down payment. But for better interest rate you required to do more down payments against the loan.
Your loan program will depend upon your plans.
Adjustable Home Loans – if you will sell the home after few years.
Fixed Rate Loans – If you are going to stay in this home for a long time.
Also read – 7 loans which can be availed by Business Owners
Broker gathers all the important information about your financial condition and then gives you pre-approval. This occurs before the loan process and after this do not waste your time for looking those properties that you cannot afford.
Approval process is the most important one. All submitted documents will be thoroughly verified for validity and truthfulness. Once documents passes verification, physical address verification will happen to make sure the address given is correct. Once the applicant passes all these steps, loan will be approved.
Closing occurs between days 25 and 45 of the loan process. At this point, borrowers completes whole loan process and loan amount will be disbursed to the borrower.