Nationwide Home Loans can guarantee any homebuyer the best mortgage rates in Fort Lauderdale. We pride ourselves on our ability to delve into each and every situation with the utmost experience and optimism, and to turn the potentially stressful process of buying a home into a seamless experience for everyone involved. How do we do this? By treating every customer uniquely, and understanding that no two situations are alike. With the experience and lending expertise we bring to the table, each customer feels taken care of and secure in our process. Understanding the terms and processes by which we navigate is key to understanding just how great NHL lending can work for you.
The Process We Go Through to Give You the Best Rate Possible
The best thing that you can do before you ever even talk to a lender is review the typical home buying process. While it may differ from company to company, in general companies will go through a similar process that it's always good to have an understanding of up front. If you're in the Fort Lauderdale area and are interested in securing a home loan, Nationwide Home Loans can walk you step by step through the process up front, guide everything along, answer questions along the way, and hand you your new home keys in the end. For your convenience and to simplify further, we've listed our typical process to help you understand what we go through before you ever give us a call or step foot into our offices.
When you express interest in working with us, first and foremost, you'll have your own experienced lender reach out to you to establish expectations, assess your credit qualifications and discuss various financing options for you. We will address questions or concerns, and invite you to contact us anytime from there on out. Next, the application process begins; this process gives us the information we need to start the loan efficiently and move the process along to underwriting so that there's no delay. Documents will be collected after that, and usually this requires a good amount of action on your part. You'll have in your hand a list of documents needed from the beginning, so this part shouldn't catch you off guard. Once all documents have been received, credit will be analyzed, as well as your income and other factors (assets and liabilities).
Once everything has been evaluated, you'll be presented with a loan approval of a specific amount based on credit, income, and other factors that have been closely examined. Now's the fun part! You get to pick the perfect home for you, and enter into contract. From there, we'll appraise the house to make sure that your home is established as market value. Underwriting approval should come shortly after, and the loan process will wrap up quickly thereafter when you're cleared to close. On that final day, our closing department will work with the closing attorney to confirm everything is in place to secure the loan and put the keys in your hand.
What You Can Do to Help These Terms and Processes
We'll work with you, as a team, to ensure the process goes smoothly, efficiently, and delivers the results we're all looking for. Since we can't do this all on our own, we'll help you understand the terms of what's required of you during the process. Before you ever get started with us, it's always a good idea to make sure that financial details are in order by checking bank accounts, consolidating debt, and making sure that you've saved and stored enough to put a great downpayment on your home. To be more specific in instruction, we think it's a great idea for you to gather the details in advance. There'll be plenty of requests for bank statements, tax documents and paperwork, so having it all gathered, organized and ready to go will help speed the process along.
Also, check your credit report six months in advance. Everyone is entitled to a free copy of a credit report once per year, whether it be via Equifax, Transunion, or Experian. Surprises happen; checking your credit report in advance will keep these surprises from throwing your loan securing process off in a way you can't afford. Credit reporting agencies can handle any errors that you find present and correct things back to normal, if need be. If, by chance, you've already accessed your free credit report, it would benefit you to pay to access it again in a timely manner.
Accessing your credit report will really reveal to you where you are with paying off debt, if you haven't been paying attention. Dumping debt is one of the fastest ways that you can build your credit, and incidentally will help in securing the cheapest rate possible. Consider how many thousands of dollars you could pay off in just six months after discovering your credit needs a little work, and how much that will help you save in the home buying process. If you absolutely need to build credit and you have a lot of debt to get rid of, consolidating that debt to one location can help. Consolidating debt will allow relevant parties to see just how much progress you're making.
Make a Downpayment
The very last thing you can do to ensure the cheapest mortgage rate possible? Make a down payment of at least 10 percent or more. Doing so will allow you to secure a cheaper rate, and will keep interest payments lower. Private mortgage insurance (PMI) will apply as long as your equity is less than 20% of the value of the appraisal, so the faster you can reach that point, the cheaper your rate will be.
The bottom line is that when you allow us at Nationwide to work alongside of you in an effective way, we make a powerful team who makes all of your home ownership dreams come true!