Getting a mortgage can be a daunting process, full of acronyms and unfamiliar terms, repeated request for documentation and a timeline that in today’s go-go world may seem to take forever. Once you find a home, make an offer and then submit a formal loan application (as opposed to the pre-approval) it kicks of a whirlwind of activity behind the scenes to get the loan approved, which can take anywhere from one week to three months depending on the circumstances.
Some information to get you started:
If you are thinking of purchasing a home in the next six months, now is the time to review your credit and address any issues. More info here.
Once you are ready to look at homes, be sure to get your pre-approval done. In the tight MA market, you will most likely be expected to submit one with any offer. More info here.
Not sure what happens once you do apply for a loan? More info here. *Pro-Tip-be sure to pay attention to all communication from your lender and respond to all requests for documentation in a timely fashion-even if it seems repetitive or inconvenient, it is necessary or they wouldn’t ask!
Do not do anything to impact your credit status before your closing! Do not make any major purchases (like new furniture for your new home!), don’t buy a car, open up a credit card, co-sign a loan, quit or change jobs-nothing, zip, nada! Credit will be pulled again before the closing and any changes in credit could impact your loan.
Before you get started, familiarize yourself with some common terms with this handy glossary. If you have questions or would like more information about various loan programs, access to mortgage calculators, or to learn more about Fairway visit Fairway-NewEngland.com