If you’re trying to track down a super jumbo mortgage at an incredible rate, you’ve come to the right place. MortgageBase proudly connects homebuyers with some of the lowest home loan rates on the market.
First thing’s first, you’ll have to determine how much home you’re willing to buy. What’s your price range? Think about what you’d like in a home, and determine where you’d like to live. You can do a quick search to determine a rough price range that you can expect for the kind of home you’re seeking. While you’re looking at the market, you can take some time to see how prices are shifting. If home prices are dropping in your favorite region, you might expect to buy a home for a bit less than current asking prices. If prices are on the rise, you may have to keep extra funds in the bank for your final purchase.
Also, consider your budget. How much money can you put down on your home? If you’re pursuing a super jumbo mortgage, plan on putting at least 20 percent of the value of the home down.
Speak with a mortgage lender to prequalify or gain pre-approval for a home. Prequalification helps you to determine how much money you can borrow against a home.
Pre-approval is a more thorough approval process that requires a credit check. As such, it can expedite the process when it comes time to close, since lenders place more trust in a pre-approval when closing time is approaching.
Regardless of the path you choose, you’ll have a better picture of how much home you can afford. Get started on the path to pre-approval or prequalification with a super jumbo rate quote.
OK, it’s time to find an agent. Partner with an agent to communicate your needs, desires, and budget. Your agent will work with you to find a home that fulfills all of your whims. Real estate agents know the market, they’ll help you to negotiate with home sellers, and they should be familiar with the local area.
Now it’s on to the fun part. It’s time to find your dream home. Be sure to have a list of priorities for your upcoming home purchase — make a list of these priorities. As your realtor guides you to homes that fit your specifications, check each home against your priority list.
Also, while you’re in the house, give appliances a check.
In addition, you’ll want to know as much about the neighborhood as you do the home. Ask about amenities around the town. Is there a school nearby? How loud is the neighborhood? Where’s the nearest grocery store? Remember, you’re buying a little slice of the neighborhood, not just a home.
Once you’ve found the right home, you can make an offer. Work with your realtor to negotiate with the home sellers. If you can’t settle on the right price, don’t be afraid to walk away — there are other homes out there! You’ll just have to drop back a step and start searching again.
If you do agree on a price for the home, great! It’s time to place the home in escrow so that you can complete all the final steps to close.
If you’ve found the right home and made an agreement, it’s time to bring in an inspector. An inspection will provide further insight into the true value of the home, since it can reveal costly repairs that are necessary (or repairs that will be necessary soon after you purchase the home). If you have a clean inspection, great! If your inspector finds a few flaws (e.g. an old water heater, or a roof that’s on its last leg), don’t fret — you can negotiate a new price that includes inspection considerations. Often, sellers reduce the price of the home to enable buyers to make repairs as they move into their new abode.
Finally, it’s time to pick out the right mortgage for your finances. You’ll work with your mortgage lender to settle on a home loan product that fits your demands. For instance, if you’d like to have low monthly payments up front, you might opt for an interest-only super jumbo ARM (adjustable rate mortgage). Or, if you’re looking for a loan that you can pay off quickly, you might choose a fixed rate mortgage. Deciding on the right loan will depend largely on your preferences, your current financial stance, and your projected income in the future.
Once you’ve found the right mortgage product to suit your demands and to fit the price of your next home, your mortgage lender will hire an appraiser to perform a fair assessment of your home. Now you may be asking yourself, why does my lender need to appraise the value of the home? Well, lenders are making an investment in the home, just the same as you are. So, lenders want to make sure the property valuable, just as you do. Your lender will have the home appraised to gain an accurate assessment of the market value of the home.
You’ve made it! It’s time to collect paperwork and close on the home. You’ll coordinate with your realtor, your mortgage provider, a title company, and the home seller to catalog and file all of the paper you need to close on your home. Once the title is signed over, and the seller is paid, the home is yours — now you just have to move in!
If you’re ready to start the path to your next home, we’re here to help you along the way. Get started with a free rate quote, or get in touch with us to learn about pre-qualification or pre-approval. MortgageBase proudly provides super jumbo mortgages for folks across the country.