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Featured Property

2982 SW Cr 18, Fort White, FL 32038

$299,000

Fort White, FL

LISTED BY:
Leslie Morgan
Email Me
M: (352) 339-5095

 

The Mortgage Process
 
At Horizon Realty, your trusted Gainesville/Lake City real estate professionals, we want to make the process of buying a home and securing a mortgage as simple as possible. In order to help first time homebuyers know what to expect from this process, we have outlined the basic steps to mortgaging a home.
 
  • Home Loan Pre-Approval. When making the choice to apply for a home loan, the first step is receiving a pre-approval from your lender. With basic information, your lender will be able to provide you with preliminary information about your approval status.
  • Loan Application. Before a mortgage rate can be determined, an official loan application needs to be completed. The loan application contains questions that are more in depth than the initial pre-approval process and is often completed with the assistance of a loan officer.
  • Mortgage Rate. Mortgage rates can vary, even on a daily basis. Having a good credit history can help ensure that your established mortgage rate is as low as possible. Make sure to ask your lender the difference between variable and fixed rates as well as the long-term costs associated with accrued interest.
  • Property Appraisal. If you are ready have a property in mind, the next step will be property appraisal. This portion of the mortgage process will give you an idea of the true value of a property so that you can accurately assess whether the requested price is reasonable.
  • Down Payment. After you’ve chosen a property, the next step is providing a down payment. Down payments toward the purchase of a home are generally 0% to 20% of the sale price. In most cases, homebuyers determine their desired down payment before starting the mortgage process.
  • Loan Review. Once the type of loan and down payment options have been decided, a loan review and underwriting process will take place. This will ensure that all conditions of the mortgage have been met prior to closing.
  • Title. After the loan review process is complete, the title of the home is transferred and funds are distributed to the seller. In order for this process to go smoothly, it is important to ensure that the loan information is accurate and complete.
  • Closing. Closing on a house is the final step before moving in. This portion of the mortgage process will require the signing of legal documents and the remittance of payment for closing fees.
 
In general, the process of mortgaging a home involves these eight steps. As always, the experts at Horizon Realty, your team of Gainesville/Lake City area real estate professionals, are happy to answer any questions you may have about the process of buying a home.