Step-by-Step Guide to Getting a Home Loan

By
Real Estate Broker/Owner with Sandra Nickel REALTORS

You are ready to buy a house, and chances are you do not have a suitcase full of cash at your disposal. So, that means you will need to get a home loan. Before you start shopping for your home, you will need to shop for a mortgage. Here is a step-by-step guide to help you along the way:

Step 1: Research Mortgage Lenders

Many first-time buyers make the mistake of finding the perfect house before they have shopped for a mortgage. All lenders are a little bit different in terms of interest rates, closing costs etc., so it is smart to comparison shop before choosing your lender. This process will also help you discover if there are any concerns lenders might have with your application so that you can take care of them before you find your dream home!

We work with many local lenders and know their special programs, so check with us first for a lender referral.  And keep your business local as that (1) gives the seller a comfort level and (2) helps if there is a hiccup along the way.


Step 2: Get Pre-Approved for a Mortgage Loan

Getting pre-approved for a mortgage is an important step that should not be skipped. It not only lets you know how much you can afford for a house, but it also lets sellers know that you are serious about buying and may give you an advantage over other buyers. 

Step 3: Get a Home Appraisal

Once you’ve chosen a lender, made an offer on a home, and signed a sales contract, your lender will want to schedule a home appraisal. A professional home appraiser will check out the home and assess its market value using comparable homes for comparison.


Step 4: Title Search

Once you have purchased your home, you will “take title” of the property. Congratulations!  You are now the rightful owner!  But your lender will want proof. So, they will ask for a title search.  A paid title company will search public records for any possible heirs that think the property belongs to them, for liens that might still be on the home, or other issues. Once the title is cleared, you can move forward to closing.

Securing a mortgage may seem like a long, time-consuming process, but when you sign the dotted line and become a homeowner, it will all have been worth it!

If you are in the market to buy or sell a home (or both), let me Sandra Nickel, and my Hat Team of Professionals assist you with all your real estate needs! Call us today at 334-834-1500 and check out https://www.homesforsaleinmontgomeryalabama.com for more information.

Photo credits: regentology.com, realtor.com, allianzebposervices.com

Comments (3)

Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Sandra  and thank you for the great information to share with us here in the Rain.  Make it a great day!

 

May 04, 2022 10:43 AM
Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

Happy Hump Day!

Thank you for sharing the information. Buyers and sellers in your area will benefit from your expertise. Wishing you continued success.  Have a wonderful day and sell a house.  bill

May 04, 2022 11:38 AM
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Great information for prospective buyers in your area Sandra. Thanks for sharing!

May 08, 2022 01:39 PM