Home Loan Dunn Loring | (703) 594-9229 | SLS Mortgage

Home Loan Dunn Loring | (703) 594-9229 | SLS Mortgage Home Loan Dunn Loring - http://sls-mortgage.com - (703) 594-9229 - SLS Mortgage No matter which way you look at it, homes are one of life's biggest expenses. Buying a home typically requires hundreds of thousands of dollars. Average home buyers are usually unable to simply plunk down cash or write a check, even for modestly priced homes. A home loan, however, makes buying a home possible. What is a Home Mortgage? A home loan is also known as a mortgage. These types of loans enable prospective home buyers to procure enough cash to purchase a home. Of course, like everything else in life, this is not free money, and it must be paid back. Typically, a home mortgage is paid back over an extended period of time. Home buyers must make monthly payments over a period of 15 to 30 years. The amount of these monthly payments is usually influenced by such things as the amount of the mortgage loan and the interest rate. What Happens During the Home Loan Process? Trying to get a first time mortgage loan can seem scary and intimidating to many first time home buyers. Having a good understanding about how the home mortgage process works, however, can help squelch some of these fears. To get a home loan, you must first approach a lender, such as a mortgage broker or bank. You and your lender will then sit down to determine what you're looking for and how much you can afford. At this point, your lender may pre-qualify you for a mortgage, if your credit is good enough. Once you find a home and make an offer, you will then fill out an official home mortgage loan application. This application is then put together with any supporting documents - like your income information - into a loan application packet, which is reviewed by an underwriter. During the underwriting process, an underwriter will look over your application, and investigate your credit history and credit score. The underwriter will then determine whether you are eligible for a mortgage loan, how much you can borrow, how much your interest rate will be, and how much your monthly payments should be. To get started on acquiring your home mortgage loan, contact one of our mortgage professionals st SLS Mortgage. We look forward to helping you obtain your dream home. Want to know more about the mortgage loan products offered by SLS Mortgage? Visit our YouTube channel: http://www.youtube.com/user/culpeperhomeloans SLS Mortgage (703) 594-9229 (855) 571-8800 Toll Free Home Loan Dunn Loring - http://sls-mortgage.com