Friday, June 5, 2009

Home Loan Learning Center

As a part of the National Homeownership Month, I am sharing this little site with you that tells you about how to go about buying a house and what to expect in the lending process in seven steps. Here's an excerpt:

Just how do you buy a house? The Home Loan Learning Center delivers information on the home buying process in two ways: through in-depth information on pages sorted by topic and in our step-by-step mortgage process guide that is provided in this section. Here you can view the process from beginning to end, referring to the more in-depth information on other pages as you need it. MBA has identified seven steps that make up the mortgage lending process. By reviewing them, you will know what to expect at each point in the process.

In addition to the seven steps, MBA has developed the Top 10 Tips for Home Buyers, a concise list that you can print out for reference if you like. Use it as a checklist as you're going through the process. It can help keep you on track as you move through the steps. All of the topics are also addressed in the topic-specific pages on this site.

Once you finish going through this site and start to feel comfortable with the process, you will be ready to take the first step, finding a lender. To help you take that step, you will find the list of MBA members — experts in mortgage lending — in this section. Some are regional and others have nationwide operations. Take a look. After you read this site thoroughly, go to their Web sites and check them out. If you think you see a few that might work for you, give them a call. Ask some questions.
Top 10 Tips for Home Buyers

1. Check your credit score. Get your credit history in order before beginning the home buying process.

2. Develop a monthly budget based on your income and expenses so that you can determine what is realistically affordable in terms of a mortgage payment.

3. See a lender first. Shop around — compare various mortgage lenders and find one that will work well with you and your situation.

4. Needs vs. Wants — what features do you need in a new home versus what you want? Don't make an emotional decision, make a financial one.

5. Take time to learn important terms and understand their meaning.

6. Once you've found a lender, thoroughly investigate the mechanics of the deal — are there additional costs, such as origination and/or application fees?

7. Learn about the various types of mortgage packages. Figure out, with your lender, what type of mortgage is best for you.

8. Get pre-qualified so you are aware of what you can afford as well as prepared to seriously consider real estate options.

9. Visit as many homes as possible and decide on the house you are interested in based on your approved loan amount.

10. Work interactively with a mortgage lender and be accessible to him/her in order to secure the loan.

You can also get an interesting PDF document about the Loan Application Process from the Mortgage Bankers Association.

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New York Mortgage Home Loan July 20, 2009 at 8:19 AM  

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