You found a house to buy! It's perfect. You love it. You can see yourself and your loved ones enjoying yourselves there for years to come and you are ready to move in! This is the average home-buyer point of view. House, yard, hearth, home, happiness. Awesome!
Unless you are a cash buyer, the purchase of your dream home will require a hefty loan. While the average person may think of themselves as separate from high finance, the reality is that mortgage loans are a significantly important piece of the economic fabric of our lives. The individual homeowner, each one, plays a valuable and critical role in everyone's future. When you pay your mortgage you not only increase your own security, you also contribute to the economy in a way that keeps everyone secure. So buying property is joining and supporting the community, and ultimately a big deal for everybody.
What borrowers need to know, if they don't already, is that the mortgage loan they sign at closing today will become an active tool of financial growth tomorrow. Fees and interest become funds that banks and lenders can commit to other borrowers. One dream leads to another.
The dream of homeownership is exciting. Part of your lender's job is to make sure that the loan you need to purchase the house you love and the realities of your financial position match up, so that the dream doesn't become a nightmare down the road. The underwriting department in the lender's office will carry the last word. Debt ratios, property values and job security ensure what you already know, that your ability to keep your loan commitment is reliable.
The loan process can be tedious, time consuming and stressful. Do your best to keep your cool, provide the documentation needed, and stay focused on your excitement. You'll be home in no time!