Step #4 – Put Down and Offer and Get Approved
July 14, 2009 9:58 am Employed Persons, First Time Home Buyer, Interest Rates, Proving incomeOver the past few weeks we have been looking at the process for getting a mortgage to purchase a house. By this point we have done all of the prep work that is required before putting down an offer. We feel confident about our situation and now know exactly how much we can spend on our new home.
At this point I will defer to any high quality realtor about the best method for choosing a house or putting down the offer. A great realtor will not steer you wrong.
Once you have an Offer to Purchase that has been signed by both parties (the buyer and the seller) send a copy to your mortgage broker along with a copy of the MLS feature sheet if available.
The mortgage broker will need to send this data to the lender as soon as possible. We want to give the lender and insurerer (if needed) all the time they will need to get your deal approved.
When the lender approves the file the mortgage broker will contact you to let you know what are the particulars of the deal. These will include:
- The amount being borrowed.
- The interest rate.
- The payment frequecy
- The conditions that need to be met before the lender will fund your purchase.
It will be our job to review the conditions and the paperwork to ensure that we can meet all their requirements and understand the particulars of the mortgage being offered. When we completely understand and have all the paperwork needed the mortgage broker will then send all the data to the lender. The lender will review and confirm that everything looks great.
And from here we move onto the next step of Signing Some Documents with Your Lawyer.
