Tuesday, January 15, 2008

How to Get a Home Mortgage in West Virginia

Introduction

Before you set out to get a home mortgage in West Virginia, there are some steps you should follow. Lenders are extremely competitive, which works out in your favor. If you select the right loan, you could save thousands of dollars. Here are the steps to getting a West Virginia home mortgage loan.

Instructions

Difficulty: Easy

Steps

1

Step One

Get yourself a current copy of your credit report and make sure there are no errors. This report can save or cost you thousands of dollars on your mortgage.
2

Step Two

Take a look at West Virginia state and federal programs that are designed to assist low-income buyers, single parents, senior citizens, veterans, disabled and rural home buyers. Among others, the programs include the West Virginia Housing Development Fund and the West Virginia Rural Development Program.
3

Step Three

Check out these government websites for further information and qualifications:
• West Virginia Homeownership Overview
• USDA West Virginia Rural Development programs
• West Virginia Homeownership Assistance programs
4

Step Four

Shop around and compare the rates of different lenders. Contact banks, credit unions, mortgage brokers and online lenders to find the mortgage that’s best for you.
5

Step Five

Get pre-approved from your selected lender. This will expedite the process when you find the home that suits you best. Double-check to make sure you have all the required documents they will need such as tax returns and pay stubs.
6

Step Six

Choose a real estate agent that knows your desired area well and will be easy to work with. Select the home that best fits your needs now and for the future.
7

Step Seven

Make the seller an offer. If accepted, complete the loan with your lender.
8

Step Eight

Close the deal and pay any required realtor, attorney and closing fees. You will soon be contacted by your lender with a repayment schedule.

Tips & Warnings

  • Shop around for the lowest interest rates. Even one quarter of a percent can mean saving a lot of money over a 30-year mortgage.
  • Have your prospective home professionally inspected before purchase. You may discover significant problems that exist.
  • Do not be pressured by an agent to buy a specific home, they may have another agenda.
  • Before you sign anything, make sure that you thoroughly understand all the terms of the mortgage contract.
  • Never pay a lender to apply for a loan. No reputable lenders engage in this practice.
  • Record low interest rates of the recent past have led to many unethical lending and loan scams. It’s often best to have an attorney review any documents before you sign them.
  • Ensure that the home title is clear of liens before you purchase it.
  • Beware of predatory lenders, which are lenders that intentionally coerce consumers into contractual loans with unusually high payment terms and interest rates, often directed at uninformed borrowers or those with poor credit.

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