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The Home Loan Process
Finding the right loan is an essential first step in the home buying process. Everything from your credit and income to your down payment can affect your ability to qualify for a loan.
TheMLSonline.com recommends several mortgage lenders with a long history of providing quality lending services. An experienced loan officer will discuss the different types of loans available, determine the maximum amount you can borrow, and calculate a monthly payment that fits your budget.
When applying for a loan it’s important to note that a significant part of your loan payment may include mortgage insurance, homeowner’s insurance, taxes, and association dues as part of your monthly payment. During the application process you will be asked to provide information about your job tenure, employment history, income and assets. Before final approval, your lender will also need to review your bank accounts, investments, liabilities and credit card debt. Once you’re ready to begin your home search in earnest, your lender will provide a pre-approval letter to submit with your offer to purchase.
Watch our On Real Estate video segments on this page to learn more about the loan process.