French Brothers’ Five-Step Guide to a Home Mortgage
Whether you are a first-time homebuyer, or you are looking to purchase another home, the mortgage process can be both exciting and overwhelming. French Brothers Homes is committed to help ease this process by providing simple steps you can take to prepare yourself and be confident in your home buying decision.
- Get your documents together – What is your financial situation? Knowing this will help you get prepared to secure a mortgage. A lender will want to see previous tax returns, W-2’s, and or recent pay stubs. Make sure to have these handy to provide during your meetings. Take into account any loans and debts you have as well. From student loans and car payments, to child support payments and credit card debts, all of this will be evaluated to determine your credit worthiness.
- What is your home budget? – First you should figure out what your debt-to-income ratio (DTI) is. Mortgage lenders will also look at your DTI of 45 percent to determine the amount of money you can borrow. Take into account any taxes and closing costs that will come with purchasing a new home.
- Get pre-qualified – We recommend getting pre-qualified before you start your house hunt. Knowing how much house you can afford before looking at French Brothers’ homes in Artesia NM will help you avoid falling in love with a home that you cannot afford. While speaking with a mortgage officer, you should learn about the mortgage process, get any questions answered and concerns addressed, and learn about various mortgage programs like Veteran Affair’s loans, first-time homebuyer homes, etc.
- Apply for your loan – Now is the time to connect with a French Brothers Homes sales professional to meet with our preferred lender. During this time, you will fill out your loan application. It is a simple and seamless process. We will check out the documents needed to complete the home closing process. We will also give you information about closing costs and mortgage interest rates. In addition, we will discuss the next steps in the home buying process.
- Funding and the closing process – While your French Brothers home is almost finished being built, it is time to start getting ready for closing. Make final preparations around 45 days before your closing date. Contact your French Brothers preferred lender to talk about current interest rates. This will let you know if you should lock-in your rate now or if you should wait. You should also have your hazard insurance lined up and ready for closing. On your actual closing day, you will sit down with a title agent to do your final paperwork. Make sure you bring your government issued photo ID and exact funds needed for closing, that was specified by your title agent. Bring a favorite pen to sign the documents and a smile!
It is time to move-in once you have signed everything and paid your closing costs! Congratulations on purchasing one of our homes in Artesia NM. We are so happy you chose to build with French Brothers Homes and are happy to have you as a customer!
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