All Western Mortgage
This presentation is the property of its rightful owner.
Sponsored Links
1 / 16

Important Steps to Obtain a Mortgage PowerPoint PPT Presentation


Mortgage banks, real estate agents, online lenders and mortgage brokers are all great sources of obtaining a mortgage. No single source of mortgage provides the perfect product for all kinds of shoppers, but knowing the pros and cons of all of them will help you in choosing the lender that is right for you. http://www.awmlending.com/

Download Presentation

Important Steps to Obtain a Mortgage

An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -

Presentation Transcript


Important steps to obtain a mortgage

All Western Mortgage

3 Steps to Obtain a Mortgage


Important steps to obtain a mortgage

If you are seriously planning to buy a

home anytime soon, then the first

thing that should be on your bucket

list is to get your credit ratings in

order. Once you clean up your credit

report, identify, pay off and close

most of your credit cards, the next

thing you need to do is shop for a

mortgage. Following are the

preliminary steps that you need to

follow in order to obtain a mortgage:


Important steps to obtain a mortgage

1) Get pre-qualified

Getting pre-qualified is the first step of the mortgage

process. In order to get pre qualified, you meet a lender and

provide him information about your income, assets and debts.

Based on that information, the lender will provide you with a

rough estimate of how much money you can borrow.


Important steps to obtain a mortgage

The entire pre-qualification process is informal as the lender does not verify the

information that you provide and doesn’t even charge you a fee. Neither does he

formally agrees to provide the loan amount, you get pre-qualified for. However,

while the pre-qualification is not a guarantee of your loan getting approved, it

does provide you with a general idea of the amount lenders will agree to give you

as a mortgage. This allows you to look for the properties that fall within your

budget.


Important steps to obtain a mortgage

2) Get pre-approved

The pre-approval process is more or less the same as the pre-

qualification process. The only difference being that pre-

approval is more formal. The lender officially confirms your

ability to take a mortgage by checking your credit rating and

verifying your financial and employment information.


Important steps to obtain a mortgage

He also charges a fee for pre-approving you and provides you with a written

commitment that you are eligible to borrow a certain amount of money as

mortgage. Having a pre-approval strengthens your ability to buy a home as

sellers give preference to the offers made by pre-approved buyers. This is simply

because of the fact that pre-approved buyers have proved that they can actually

afford to purchase the house.


Important steps to obtain a mortgage

3) Finalizing a lender

Mortgage banks, real estate agents, online lenders and

mortgage brokers are all great sources of obtaining a

mortgage. No single source of mortgage provides the perfect

product for all kinds of shoppers, but knowing the pros and

cons of all of them will help you in choosing the lender that is

right for you.


Important steps to obtain a mortgage

Mortgage Brokers: Brokers help more

people obtain mortgage loans than any

other source. The benefits of hiring a broker

are that they have access to large number

of lenders and they can shop the

marketplace and compare the deals offered

by various lenders, on behalf of the client.


Important steps to obtain a mortgage

They can be extremely useful if you are looking for an unconventional type of loan or

have damaged credit. On the other hand, the downside of working with brokers is

that their goals are different than yours and they can sometimes get you a bad deal to

increase the amount of their commission. Also, brokers don’t work for free and

sometimes the fee charged by them can be a bit high.


Important steps to obtain a mortgage

Banks:

Banks are the traditional source of

mortgage funding. If your local bank, where

you have your savings and salary accounts,

is offering you a good interest rate and

alluring terms, then there is no reason to

not choose them.


Important steps to obtain a mortgage

However, if it is not offering both, then there are many other banks in town whom

you can approach. The only negative aspect of working with the banks is that they

offer a limited number of mortgage options and they are generally not that flexible

when it comes to fees.


Important steps to obtain a mortgage

Real estate agents

Real estate agents often introduce their

clients to quality private lenders. As they are

in the business of selling houses, it is natural

that the agents know a lot of mortgage

lenders.


Important steps to obtain a mortgage

Many homeowners prefer to work with a

lender suggested by their real estate agent

instead of shopping for loans themselves.

However, working with a private lender,

suggested by your agent, may also offer only a

limited number of mortgage programs.


Important steps to obtain a mortgage

Shopping for mortgages online

has gained immense popularity

in the past few years, due to the

plethora of benefits that it offers.

The major benefits of shopping

for mortgages online are that it

is quick, convenient and allows

you to contact and compare the

options provided by multiple

vendors simultaneously.


Important steps to obtain a mortgage

You don’t have to leave the comfort of your home and you can shop at any time of

the day. You are no longer bound by the business hours. Even if you eventually take

a loan from a brick and mortar establishment, the plethora of data gathered from

comparing vendors online will provide a wealth of information that will be crucial in

attaining good mortgage terms.


Important steps to obtain a mortgage

Address:

8345 W Sunset Rd, Suite 380

Las Vegas, NV 89113

All Western Mortgage

Phone : 702-850-2790

Corporate: 702-369-0905

Fax: 702-906-0153

[email protected]

Website:

http://www.awmlending.com/


  • Login