Financing your Home
The Buying process
1. Apply for a Loan
This is the most important part of the mortgage process. During this process your Midwest Mortgage consultant will ask for information pertaining to your income, assets and liabilities. Once this information has been collected, your Midwest Mortgage consultant will recommend a mortgage program that best fits your current and financial needs. Prior to mortgage application you will need to determine the amount of down payment you will be making towards your new home and collect the following documents that should be brought with you when you make loan application:
Most recent paycheck stubs for each borrower covering the most recent thirty-day period.
Most recent two years W-2's and/or 1099's for each borrower.
Two months of the most current and consecutive banks/investment/ retirement statements for all your accounts.
If self-employed you will need to bring in the most recent two years' tax returns and copies of 1040's, W-2's, 1099's and or K-1 for each borrower. You will also need a year-to-date profit and loss statement.
2. Obtain a Credit Report
A credit report will be obtained as part of the loan application process. The credit report will show your payment history, credit limits, monthly payments and current balances.
3. Property Appraisal
Midwest Mortgage will order a property appraisal from a licensed real estate appraiser on the property in which you are purchasing. The appraisal is done to determine the value on the property being purchased.
4. Determine your Interest Rate
You have the opportunity to establish an interest rate guarantee or "lock" the interest rate during the process. Keep in mind that interest rates may change somewhat each day. Only you can make the decision to lock the interest rate on your loan.
5. Closing your Loan
Schedule a final walk-through of your new home before closing to make sure it is ready for you and to ensure that any contingencies specified in the commitment letter about the home's condition have been satisfied.
6. Move into your New Home!
You are finished with the loan process - sit back and enjoy your new home.
