Are you looking into buying your very first home? Does the process of obtaining a mortgage make you nervous? Here, we will help you navigate the home loan process as a first-time buyer.
Rocky Mountain Mortgage Co., located in El Paso, TX, can help you find a home loan that best fits you. We can offer great rates at a quick turnaround time; we’ll also give you a free consultation! To speak with one of our representatives, give us a call at (915) 280-2354 or contact us online today!
Making the Process Simple
The road to buying a home can seem overwhelming at the thought alone. However, our team of experts will be with you every step of the way to achieve that home loan. Before stopping by for a free consultation, it’ll help if you’re vaguely familiar with the process. Listed below is a simple step-by-step guide on how to navigate through the El Paso home loan process.
- Become Pre-Qualified- To go through the prequalification home loan process, you will first need to gather the necessary documents like your employment history and tax returns, along with any other financial information that is required. This will give you an idea of what you’ll be able to afford in a home. Once you find a home, you can submit a pre-qualified application to the seller to increase your chances of getting the home.
- Submit Your Home Loan Application- Once you’ve submitted your home loan application, you will then receive a loan estimate; this breaks down the terms of your mortgage. Before continuing with your mortgage, make sure to decide on a loan program, gather the necessary documentation, and sign all required documents.
- Lock Down Your Interest Rate- Interest rates change daily and you might be unsure of when to lock it down. You can lock it down now or wait to see if it drops even lower. One of our El Paso loan officers will be able to help you decide on when’s a good time to lock it in.
- Become Approved- There are three sub-steps to follow once you’ve become approved before you close. You must get an appraisal, complete the underwriting, and enter escrow. During this step, it’s highly recommended not to make any big financial decisions like switching jobs or buying a new car. Decisions like this could potentially delay the approval of your mortgage. If a situation like this is unavoidable, make sure to discuss it with your home loan mortgage company first to see how it will impact your mortgage.
- Close the Deal- Before getting the keys to your new home, you will receive something called a closing disclosure. This document breaks down the transaction prior to you closing so there are no surprise costs or fees. Once all the papers are signed with a title company, the house is yours!
Home Loans in El Paso
At Rocky Mountain Mortgage Co. in El Paso, we offer home loan programs and counseling for first-time buyers who need guidance. If you’re interested in a free consultation, call (915) 280-2354 today.
