You did it! You went through the long, arduous process of getting pre-approved for your Fort Lauderdale Mortgage. Great! Now, what do you do? Sometimes knowing the next step to take can seem overwhelming and not knowing what is coming can cause you to be hesitant. There is no need to worry though; the following article will walk you through all the remaining tasks you need to do to get your new home.
It Is Time to Go Shopping!
After your pre-approval, the first thing you need to do is go shopping for a new home. Unlike a regular mortgage approval, a pre-approval is granted to you based solely upon your merits as a borrower and does not involve any specific property. The “pre” in pre-approval means that you have the go-ahead from your lender to look for a house to buy before applying for a mortgage. Procuring a pre-approval gives you a working knowledge of the finances you have available for your new home and can make your search for a house more relaxed and precise.
Make an Offer on Your Dream Home
It finally happened! You’ve found the house you have always dreamed of, and it is in your price range too. It is time to make an offer! When you submit your offer, the seller can see that you have a mortgage pre-approval which gives them confidence that you are making an offer that you can actually back. If the seller accepts the amount you have proposed, you need to start a mortgage application for your new Fort Lauderdale home. If there has not been an extensive amount of time between when you got your pre-approval and when you made your offer, a pre-approval should make the mortgage process go more quickly.
Make Sure Your Financial Situation Does Not Change
If you are taking your time to look at homes, that’s ok; however, you should be aware that your pre-approval could be subject to change after a certain length of time. You should also know, as the borrower, that the lender will look at all your information again when processing your loan application for the property. Missed payments or multiple mortgage inquiries over an extended time frame, can affect your credit rating and your ability to qualify for a loan. Additionally, taking out any significant loans or other lines of credit can increase your debt to income ratio and cause you to be denied for the loan or change the terms of your pre-approval. Let us help you get started with pre-approval.
Home Mortgage Approval
After you find the right house and apply for your home mortgage, you must keep your financial profile clean by not missing payments or opening any new lines of credit. Your last pieces of loan paperwork are documents for the processor who creates your file and gives it to an underwriter. The underwriter goes over the data and approves or denies your request for a loan. If you are approved you will sign the final contract and complete closing procedures.
Getting Your Keys and Moving In
After you have finished signing the massive stack of paperwork during the closing, you can get your keys and start the moving process. Just a reminder you will need to get your homeowner’s policy set up, have utilities put in your name, and usually bring a few cleaning supplies to deep clean your new place before bringing in your boxes. After you take these last few steps, let the unpacking begin! Congratulations on purchasing a new house, now it is time to make it your home.
Where Should You Get Your Pre-approval and Fort Lauderdale Mortgage
At Kloze we offer multiple home loan packages, and some of the best mortgage rates in the Fort Lauderdale area. Our loan officers are friendly, knowledgeable, and have all the expertise required for their field. We believe that using our industry-leading company and working with a team that honestly cares about you, your home ownership dreams, and your financial needs can give you the peace of mind you need throughout the entire home buying process. Contact us at Nation Wide Home Loans today to discuss our solutions for your mortgage.