Financing a home can be a confusing and intimidating adventure. Unfortunately, too many people embark on this task without the correct information and preparation. In this case, such people often find that even when they make it through the process of securing a loan, they made mistakes along the way and end up a bad position. However, with a small amount of effort put forth on the front end, you can enter the home financing process confident that you will get just what you need. Here are a few Tips for Successful Financing.

Be Prepared for the Journey
Whether you're trying to secure a purchase or a refinance real estate loan, you must follow a rather strict time line. Depending on your level of preparedness, the process can be either smooth or rough. Before proceeding through the home loan process, start by taking the time to understand the system and make educated decisions.

Get Pre-approved
A loan prequalification or pre-approval is vital to the loan process, since it allows you to obtain an estimate of your borrowing power. We highly suggest that you not skip this fast, easy, free step and apply with Open Mortgage Home Lending today. With a written pre-approval (including a certificate guaranteeing you a mortgage to a specified amount), you won't waste time looking at homes you can't afford. Rather, you can focus your time and energy shopping for YOUR ideal home.

Know Your Finances
Determine how much you can afford to spend. While you may qualify for one amount, it might be too high for your actual budget. Set a monthly dollar amount that you feel comfortable committing to. Don't forget to figure in additional costs, such as insurance and taxes, interest, and principle.  At Open Mortgage we will meet with you and help you calculate your ideal monthly mortgage payment.

Check your Credit Report
When pre-qualifying with Open Mortgage Home Lending our Sr Loan Officer Luz C Monfreda will run your credit report.  Sit down and review it with you she will address any dubious or inaccurate items. Our Sr. Loan Officer Luz C. Monfreda will make suggestions on what steps to take to clear up any incorrect information reported on your credit report.  

Apply for a Loan
Gather all the documents required to verify your loan application:

• Recent 2 Years Employer Information 
• Recent 2 Years Residence History 
• Income Statements and W2 or 1099's 
• Assets Such As Bank, Retirement Statements, CD's, Stocks and Bonds
• Liabilities.

Additionally, be prepared to supply your lender with financial documents, such as paycheck stubs, bank account statements, and tax returns.

Secure Your Rate
Interest rates change daily. Locking your rate in writing guarantees you a certain rate and terms for a specified period of time. 

Close the Loan Process!
Depending on local loan process requirements, this step can be performed in person or by using a 3rd party escrow service. If everything proceeds smoothly and according to your established agreement, you'll sign many papers, exchange much money, and walking away a new home owner!

 3901 E. Stan Schlueter Loop Suite 102
Killeen, TX  76542
OFFICE (254) 501-7028
DIRECT (508) 340-6206
FAX (254) 699-1963