Do you feel intimidated when it comes to home loans in Bloomfield Hills, Michigan? If so, don’t feel bad – you’re not alone. The friendly representatives with Gem Home Loans will be happy to walk you through the process, and make it as easy and comfortable as possible.
If you’re ready to buy a new home, remember that this should be an exciting, fun time in your life. You’re ready to make a major investment in your future, as well as the future of your family. There might be a little stress involved, but always keep your focus on the big picture. Everything you go through will eventually be worth the effort.
Here’s a brief look at what you can expect when you purchase a home.
This is the first step toward buying your home, and it’s easy. It will typically only take about 10 to 20 minutes, and it won’t cost you anything. Even better, you won’t have to make any commitments of any kind. The purpose of this is for the lender to figure out how much of a mortgage you can afford, and how much you may be able to borrow.
After you’ve done some home shopping and find the one you want, then you’ll make an offer to the seller. A realtor will be responsible for negotiating a fair price, and then you’ll receive a contract once you and the seller agree on how much you’ll pay.
This is when the application process begins. More than likely, you’ll have to give your lender asset documentation (typically through a current bank statement) and updated income verification (through your most recent pay stubs). The more thorough your documents are, and the faster you can gather them, the smoother the process will be.
This is where all documentation, appraisal information, and other paperwork is collected and reviewed. The processor will verify all of the information, and then pass it to the underwriter.
The underwriter determines if the loan meets all approval guidelines. Once that happens, he or she moves the loan to the closing process.
This is the part everyone loves – it means you’ve made it, and you’re about to get your home. It’s where “the rubber meets the road,” so to speak. You should get a document known as a “closing disclosure” about three days before the actual closing takes place. It will tell how much you’ll pay in closing costs, your loan terms, and other information. Then you sign the final closing documents, the funds will be distributed, and the house will finally be yours as ownership is transferred.
Gem Home Loans can make getting home loans in Bloomfield, Michigan, as well as the other steps of buying a home, a lot easier. We will do everything we can to make your experience as smooth and seamless as possible. We’ll also be with you throughout every part of the process, keeping you updated on developments and answering any questions you might have. To learn more about how we can help, please get in touch with us as soon as you can. Either contact us online or give us a call at (248) 780-1030.