How to Secure a Loan for buying real estate is the topic of this short video.
You will find that lining up financing for the purchase of real estate is a lot like following a recipe.
It takes time and effort, but if you follow the steps, you will reach your goal!
To secure a loan, you must prepare for your meeting with your loan officer.
Be sure to gather the following:
- Pay stubs for the past 2-3 months.
- W-2 forms for the past 2 years.
- Information on long-term debts.
- Recent bank statements tax returns for the past 2 years.
- Proof of any other income.
- Address and description of the property you wish to buy.
- A sales contract on the home you want to buy.
During the application process, the lender will order a report on your credit history and a professional appraisal of the property you want to purchase. The lender will verify your income and employment, and evaluate your debt to income ratio, along with helping you determine which loan program best meets your needs.
The application process typically takes between 1-6 weeks and involves lots of paperwork, sometimes redundant requests, and the waiting period sometimes seems forever, but if you persist, the process should produce the result you hope for within 30 says or so, in most instances.
Choosing a good loan officer can make all the difference in the world, along with selecting a title company that is experienced and knowledgeable in closing mortgage purchase transactions.
How to Secure a Loan for Buying Real Estate
At First Title & Abstract, Inc. we have worked with dozens of top mortgage companies and can recommend a good loan officer to help you.
Just call us at our Naples or Marco Island office, and we will put you in touch with a reputable professional.