Researching & Budgeting
Before you begin home shopping, it helps to figure out your budget. That way there are no surprises later on, and you can fully enjoy home ownership rather than look at it as an overwhelming burden. To determine your purchasing power, you need to consider the following things such as monthly income, monthly debts, down payment amount, loan closing costs, and your credit history. For help, you can use any of these easy calculators and tools that Global Home Finance Inc. has developed to assist you in your research: Calculate A Mortgage Payment
Determining Your Price Range
Pre-qualifying for a particular home loan amount helps your real estate agent focus your home search so you only look at homes that fit within your price range. In fact, many real estate agents require either a pre-qualification letter or a certificate of pre-approval before showing you a home. You can pre-qualify in a couple of minutes by speaking with one of our mortgage specialists, or by applying right here online. You won’t have to supply any supporting documentation until you actually start the home loan process. Global Home Finance Inc. simply uses your information to quickly determine how much you can afford to borrow so we can send you a pre-qualification letter right away.
Global Home Finance Inc. provides a no-cost, no-obligation pre-qualification letter online in minutes, or you may contact one of our experienced home loan experts to obtain a pre-qualification letter.
Home Purchase Pre-Approval
A pre-approval certificate is the best way of demonstrating your ability to purchase a home. Pre-approval offers are also given stronger consideration by a seller than pre-qualification letters as they are a firmer commitment to lend. To issue you a pre-approval certificate, your mortgage expert will ask you for documentation such as W-2 forms, paycheck stubs, and asset documents such as bank account statements/quarterly statements. A prequalification is only based off of credit and the data has not been verified as accurate. A Pre-Approval means that the property should be the only thing that is needed to be satisfactory to gain Full Approval. Once the documentation review is complete, and everything checks out okay, your letter can be in your hands so you can submit the offer for your next home.
Search For a Home
Now is for the part you have been waiting for. Searching for your ideal home! You can browse the homes for sale at various online websites, in the classified section of your local newspaper, visit open houses, or find a real estate agent. A real estate agent not only has access to homes not always advertised in the paper, but will help you locate homes that meet your exact price, size and other criteria.
Make an Offer on a Home
Typically, the homebuyer or real estate agent will present an offer to the seller or their representative proposing a purchase price and terms of purchase. After the seller reviews your offer, it will be accepted, rejected, or turned into a counter-offer, any change to an offer is considered a counter-offer. An offer does not become a contract until both you and the seller (including all parties to the transaction) accept it. After acceptance, you and the seller will sign a home purchase agreement to finalize the deal.
Lock-In Your Rate
After signing a home purchase agreement, you’re ready to lock-in an interest rate. This guarantees your interest rate and payment will remain unchanged from 30 to 60 day and protects you against market fluctuations for a specific time period. You should discuss the lock period with your loan officer and determine what best suits your needs. You can be sure that you are getting the Best Rate with Global Home Finance Inc.
After locking-in your rate, your team of mortgage experts will go to work to close your home loan in conjunction with all third-party vendors. A processing expert will schedule an appraisal and make certain that your file is complete and ready for final underwriting review. While all of this is going on, your escrow / title companies are working to gather the proper paperwork on their end. Once all conditions are met, your home loan is ready to close, fund, and record. You are now ready to move into your new home!