Securing a Home Loan

Securing a home loan is the most important step in the home-buying process.

Here are the basics for getting your financing.

  1. Find a lender. Ask friends, family or co-workers for referrals; speak with a local real estate agent; search the Internet.
     
  2. Fill out a loan application.
     
  3. Get an estimate of closing costs from the lender you choose. By law, the lender is required to provide this statement to you within three days of receiving the loan application. Make sure to ask what type of loan program your lender has selected for you, including the rates, terms and any special information, such as prepayment penalties.
     
  4. Compare costs, fees and terms of loans if you are working with more than one lender.
     
  5. Negotiate fees. Sometimes you can negotiate the amount of fees or loan points (a point is 1 percent of the loan amount) the lender charges you.
     
  6. Consider lowering your interest rate by paying more points. The relationship of interest rate to points paid is an inverse one; the more points you pay, the lower the interest rate.
     
  7. Provide required documentation.
     
  8. Pay any up-front fees. Sometimes the lender requires that the appraisal, credit report or processing fee be paid at the beginning.
     
  9. Review loan papers. Approximately one week prior to closing, loan papers will be ready for your review. Make sure the loan matches the original quote you were given.
     
  10. Sign your loan papers and deposit your down payment funds into your account four to six days prior to closing.
     
  11. Bring a cashier's check for the down payment to the title company, escrow company or attorney handling the closing. The lender will send the title company a check for the loan amount.
     
  12. Get ready to congratulate yourself. Once the transaction closes and you have signed off on all contingencies, and received a copy of the deed and a set of keys, you own the home.

Call Barstow Real Estate Group, for a FREE confidential consultation today! 1-800-BARSTOW  

Sat. & Sun. by Appt. Only

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Wednesday
May 24th 2017

We are Closed and will open at 9am today. Please call during normal business hours.

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Testimonials

Dearest Annette,
 
It was a pleasure to meet you Tuesday, September the 8th in Newberry Springs, California.  I said, “Hello There” when you walked into the Volcano House.  A warm hug, and a new journey begain.  Our family had, the time of our lives visiting this special home with you.  We asked that you “Make it Happen” and you did just that!  We are Thankful for you, and your expertise assistance with this transaction.  Our family is so appreciative of all that you have done for us.  We wouldn’t be here today if it wasn’t for you.  You are our Angel from Heaven.  Thank you from the bottom of our hearts.  May God Bless and watch over you and your family.

Client

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