3 Easy Steps to Getting a Mortgage
Once a simple task that meant comparing fixed rates from among perhaps a dozen or fewer savings and loan companies, the mortgage hunt today is like finding your way through a maze.
There are dozens of loan types and hundreds of loan programs available through thousands of mortgage brokers, bankers, lenders, finance companies, credit unions, even stock brokerage firms.
As a direct lender Sacramento Mortgage Inc. will do all the work for you.
First and foremost, we must determine how your mortgage payment will fit your current budget and, to some extent, your future obligations 15 to 30 years down the road.
If you discover too late that you can't afford your mortgage, you'll not only face the possibility of losing the roof over your head, but you could also damage your ability to purchase a home later.
Step 1: We
examine Your Finances
If you can afford to buy a home, you must then determine how much mortgage you can afford. Lenders are apt to put your loan application in the best light and qualify you for as much as they are willing to lend, which can be more than you can afford.
It's up to you to take stock of your income and expenses, both current and projected to determine what you can comfortably manage each month. Along with your mortgage payment, don't forget related insurance, taxes, homeowner association dues and any other costs rolled into the mortgage payment.
Step 2: We do
the Shopping For You
When you are ready to shop for a loan you have two basic types of mortgage outlets to shop -- direct lenders and mortgage brokers. We are both so you get the best of both worlds. We can get several lenders to compete for your business or we can direct fund your loan, which ever makes the most sense for you. This can sometimes save you hundred or even thousands of dollars.
Direct lenders have money to lend. They make the final decision on your application. Brokers are intermediaries who have many lenders from which to choose. Lenders have a limited number of in-house loans available. Brokers can shop many lenders for each lenders' store of loans. If you have special financing needs and can't find a lender to suit them, our experienced Loan Officers may be able to ferret out the loan you need. Sacramento Mortgage Inc. can get you any type of real estate loan in the market.
Step 3: Apply
For a Loan
The application process is the easy part -- provided you've gathered documents necessary to prove claims you make on the application.
The application will ask for information about your job tenure, employment stability, income, your assets (property, cars, bank accounts and investments) and your liabilities (auto loans, installment loans, mortgages, credit-card debt, household expenses and others).
We will run a credit check on you to take a look at your credit status. You may have to supply additional documentation as the process moves on. You will have a professional appraiser visit the property to make sure the value of the home you are about to buy or refinance has the necessary value.
At this point the final documents should be ready for you to sign and you are on your way to your new home, cash out or lower payments with your new Sacramento Mortgage Inc. Loan.
For a FREE Pre-Approval