The process of moving from a homebuyer to a homeowner can be intimidating. At GVC Mortgage we’ve developed a process designed around your needs. By taking a personal approach to home goals, we’ve helped over 28,000 Americans purchase their dream homes. Want to see how we do it?
If you’re ready to purchase a home or you’re thinking about purchasing a home, this is your first step. It shows you’re a serious homebuyer with real potential.
Submit Your Loan
Once you’ve found your dream home and had your offer accepted, it’s time to dig into the paperwork. Your mortgage consultant will walk you through everything.
Close on Your Home
You’re a homeowner now! After signing a bunch of paperwork, dotting the I’s and crossing the t’s, you’ll receive the keys to your new home.
When it comes to your mortgage, there’s no one-size-fits-all approach. Every loan program is great for different reasons. Ultimately, your mortgage consultant will be able to direct you to the most appropriate loan program for you. That doesn’t mean you can’t do some homework beforehand.
Great for first time homebuyers, FHA loans don’t require a large down payment. Typically speaking, FHA loans can be acquired with a lower credit score and the mortgage can include rehab and remodels.
Live in a rural area? With benefits like up to 100% financing, flexible underwriting guidelines, and easy credit qualifications, this could be the loan for you. Household income and location limitations apply.
With a 20% down payment you can eliminate mortgage insurance premiums, but as little as 5% (or less, depending) can get you in your home. This is a great option for those with moderate to high incomes.
Designed for American Military Veterans, VA loans can cover up to 100% of financing needs and offer no monthly Private Mortgage Insurance, making it a great option for those who served.
The mortgage loan process can be confusing. Some mortgage companies throw all sorts of mortgage terminology at you and others use industry jargon that won’t mean anything to you. We’re here to help guide you through the process and answer some of the questions you may have.
How much do I need for a down payment?
You’ve probably heard the myth that you need 20% for your down payment at some point in your life. The truth is, though, there are loan programs that let you finance 100% of the sales price of a new home. However, if you don’t make a down payment at all, you’ll need to pay for Private Mortgage Insurance (PMI). Other loan programs only require 3% or 5% for your down payment, if you meet certain criteria.
It’s important to keep in mind that the money you put towards your down payment will reduce your monthly mortgage payments.
This is a tricky question to answer without a clear picture of your current financial situation. When you apply for a mortgage loan, a lender will evaluate your income and long-term debts to determine a “safe” amount for your mortgage payments. What that means is, we’ll look at your verified income against your current debts and other monthly payments to help you determine how much you can afford fora monthly mortgage payment. There are variable factors like interest rates and down payments that also factor into this.
At GVC Mortgage, we offer multiple loan programs because there isn’t a one-size-fits-all loan option for a homebuyer. That means, we need a little more information before we can recommend a loan program for you. Each type of loan has benefits and limitations, so after getting a snapshot of your goals and financial situations, we’re able to make a recommendation and move forward with your application.
Some of the things we’ll need to know include your income, debts, credit score, location of the home you’re looking at, and how much you have for a down payment.
Several factors play into this one. Some of it depends on how quickly your offer is accepted to purchase a home, how quickly you respond to your mortgage consultant, and the time it takes to track down all the required documents needed.
Having said that, though, our goal at GVC is to always close as fast as possible. Because we want to help you move into your dream home, we can close in as little as 14 days.
If you’ve already found your dream home and want to make an offer, you need to contact a mortgage consultant right away. Typically, we recommend a homebuyer pre-qualify or get pre-approved for a loan before shopping for a new home, but we understand that it doesn’t always work out this way. If you’ve found the home of your dreams, your mortgage consultant will walk you through the application steps and help you down the right path.
If you are just now thinking about buying a home, then we highly recommend you apply to become pre-qualified. When you’re pre-qualified, you not only know approximately how much home you can afford, but when you go to shop for a home, you show Realtors and sellers that you’re serious. Some realtors will only work with a homebuyer when they’ve become pre-qualified with a lender.
For most homebuyers, the process of becoming a homeowner can be intimidating. At GVC Mortgage we’ve developed a process designed around homebuyer needs. By taking a personal approach to home goals, we’ve helped over 28,000 Americans purchase their dream homes. Want to see how we do it?
Mortgage industry terminology can be confusing. We do our best to explain everything throughout the process, this glossary reference will help you better understand new terms and phrases.