Here’s an easy-to-understand, step-by-step overview of what you can expect from us:
Step 1: Get Pre-Qualified
The amount of money you qualify for depends on the results of an assessment of several factors, but the primary credentials that get evaluated are your credit, income, assets, and debts.
Step 2: Evaluate Your Options
You will evaluate the programs and rates available to you. Once you’ve identified the best fit for your needs, you will apply for approval. This step involves sharing some additional personal information and providing documentation when necessary. Then, applicants typically pay for an appraisal to keep the process moving forward.
Step 3: Review
Once we have all of the necessary information, a processor will double-check it before your application gets passed along to an underwriter. From there, the underwriter will issue a decision. It’s important to note that the final say in your application is not made by a machine. At J.G. Wentworth, our loan specialists look at the big picture when making decisions regarding loan approval.
Step 4: Expect a Few Costs
There are a few out-of-pocket costs that applicants must be sure not to overlook during the mortgage application process. One of them is for an appraisal of the house you are looking to purchase. Your lender will determine the value of the house with an appraisal. While this cost is typically out-of-pocket, it is necessary because the house is your loan’s collateral. Appraisal costs vary, but each one is largely determined by loan type. Applicants will also be expected to pay for title insurance. While owner’s title insurance is optional, a lender’s title insurance policy is mandatory. Why? Because it is a retroactive policy that protects lenders against lawsuits, liens, and any other potential losses attributable to previous holders in the title chain.
Step 5: Sign, Close, Get Your Mortgage
This is also a good place to reiterate the role that time plays in the mortgage application process. How quickly things move from Point A to Point B when buying a house is chiefly dependent upon your lender. When you work with J.G. Wentworth, you can feel confident knowing that your application will be processed quickly, so you can get settled with your loan faster.
Becoming a Homeowner for the First Time
Is there anything you can do now to immediately improve your credit score?
How much can you afford to put down?
Once you have answers to these questions, identifying the best loan for your needs will be easier for both you and your lender.
Purchasing a Vacation Home
The process of purchasing a vacation home is not the same as the process of purchasing a typical residence. But, with J.G. Wentworth, you can bring your dreams of buying a vacation home to life thanks to our competitive interest rates and personalized approach to lending.
Our focus is on you during the entire process of acquiring funds for your vacation home – we emphasize your needs, your goals, your resources, and many other things unique to you in order to help you realize your real estate goals.
Once we have enough information, our team will walk you through the many considerations you’ll have to take into account during the process of finding the right loan for you. For example, we’ll help you evaluate whether or not you should explore refinancing to pay for your new property and use your current residence’s equity.
An Investment in New Property Is an Investment in Your Future
Investors who are interested in buying a home or other kind of property and treating it like an asset (as opposed to a residence) are invited to speak to J.G. Wentworth about real estate investment mortgages.
We have a keen understanding for both the major differences and the slighter nuances that distinguish buying an investment property from other property investments, such as vacation homes.
Choose J.G. Wentworth
At J.G. Wentworth, here are a few more things you can expect:
- Low interest rates
- Assistance from knowledgeable, helpful loan specialists
- A manual approval process that favors applicants, not algorithms
- A company that puts your interests first
Take the first step on your homebuying journey and let us guide you through the mortgage application process.
Mortgage Process For Buying A Home
How do I get started?
Contact us today and get a home rate quote. And, if you are considering buying a home but you need a mortgage, we encourage you to take advantage of our friendly team of licensed loan specialists. They are available to answer the questions you might have about loans for buying a home, as well as the other loans we offer, including renovation loans and more.