The unexpected costs of buying/owning a home in Oregon are a fact of life. Whether you own your home or are looking to purchase read about the surprises you can expect to face as a homeowner. From lightbulbs to roofing repairs let us help you prepare with first-hand knowledge from the housing experts.
Sammamish Mortgage has an easy, 7 step process to getting your loan approved!
1. Compare Rates
One of the most important components of your mortgage is the interest rate that you are charged. This rate will have a direct impact on how much you end up paying over the life of your loan, so the lower the rate, the better.
That’s why it’s so important to find out exactly what kind of rate you’re offered so you’ll get a better picture of what you’ll owe over the long run. You can start by comparing rates with our mortgage calculator.
2. Loan Application
Once you’re ready, you can complete our application online, or even over the phone. A loan officer will contact you once we have reviewed it. You will have to provide a few pieces of information in order to submit a fully compete application, which we’ll get into further.
3. Upload Supporting Documents
We need some supporting documents that will help us determine your ability to secure a mortgage, how much of a loan amount we can provide you, and the exact rate we can offer. You can upload this information to our data-encrypted inbox.
4. Get Pre-Approved
After we receive your documents, we will review them to determine the approved purchase price, down payments and which loan programs are available. Your loan officer will then issue you a pre-approval letter that indicates your income, assets, and credit have all been verified. Your pre-approval letter will also inform you of the interest rate that you qualify for base don your credit rating.
Your Loan Officer can then issue you a pre-approval to include with your purchase offer that the seller can see. This letter will indicate that your income, assets, and credit have all been verified, and will assure the seller that you can obtain a loan.
5. Rate Lock and Final Approval
When the seller accepts your offer, get the Purchase and Sale contract to us as soon as possible. This will give you the option of locking in your rate and closing costs right then. When the underwriter has given final approval for the loan, we will draw up your loan documents and give them to the closing agent. Your Loan Officer will go over your loan options with you and discuss the various rate and cost scenarios available to you.
6. Get Loan Documents
Upon receipt of final underwriter approval, we draw your loan documents and submit them to the closing agent.
The final step is closing. The closing agent will gather all the documents to be reviewed and signed. The seller will then execute the deed to the property, at which point funds will be disbursed to the appropriate parties. The closing agent will record the appropriate instruments which will turn over ownership of the property to you.
Once you’ve signed everything and the funds are all disbursed, you receive the keys to your new home!
Ready to Apply For a Mortgage?
If you are ready to take the first steps toward home ownership, Sammamish Mortgage can help. We will happily walk you through our 7 Step Home Buying Process. See here to learn more about the Home Buying Process, Proudly Serving the Pacific NW since 1992. We have various mortgage programs to choose from. Contact us today to get started!