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Newsletters>
MPR Newsletter #7
July 4, 2008
Step-by-Step Guide in Obtaining a Home Loan
Now that you've decided to purchase a new home, it's important to know what to expect throughout the loan process. With the right knowledge, the road to home ownership is just ahead.
Choose a Home
Some lenders may offer a pre-approval, but others require that you have a specific home chosen before they will discuss loan options. Therefore, the first step to obtaining a home loan is to first select a home. Some sellers may require you to provide an earnest money deposit, which secures the home while you obtain financing and have the necessary inspections completed in order to finalize the purchase.
Check Your Credit
Before you even think about applying for a mortgage, it's important to know where you stand from the lender's point of view. Checking your credit report is a good idea for many reasons, but it's an essential step in your journey toward buying a home.
Every 12 months, you can request a free copy of your credit file from each of the three major credit reporting agencies - Equifax, TransUnion and Experian. Look for inaccuracies, outdated information or anything that requires your attention. If you spot anything, file a dispute right away to get the information corrected. A free credit report does not include your FICO score, which is available from the credit bureaus for a small fee. Most lenders use this number in determining your interest rates and creditworthiness, so it may be a good idea to check it out for yourself first.
Gather Your Documentation
When you apply for a loan, you will be asked to provide certain documentation and/or information relating to your current financial status, employment, assets (including both real and personal property) and liabilities. Before meeting with your lender, make sure to have your current paystubs, bank statements, tax returns for the two years preceding your application and information relating to any debts that you currently owe. If you are self-employed, you will also be asked to provide a year-to-date profit/loss statement, which is also known as an income statement.
Meet With Your Lender
Now that you have your documentation together, it's time to meet with your lender. At this point, you will complete a mortgage application and submit it for approval. Depending on the lender, it may take anywhere from several hours to several days before learning whether or not you are approved. In most cases, however, a lender can provide you with an answer within 24 hours.
Last Minute Details
If your loan is approved, it's time to move forward to the next step in the mortgage process. Your lender will order an appraisal and inspection to be completed on the property. This is just as much for your own protection as it is for the lender because it may reveal hidden problems within the home. The inspection and appraisal can take up to 30 days, at which point the results will be forwarded to the lender. If all goes well, you will close on the loan and get ready to move into your new home.
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How to Make the Fourth of July Fun for Kids
Every year, the Fourth of July holiday honors the birth of our nation. Independence Day, as it's also known, is a special day for every American and time for celebration. Both children and adults enjoy a variety of traditions that have grown to become popular pastimes for all. If you want to see a big smile on the face of your little ones this July 4, consider the following ways to make it a kid-friendly kind of fun.
Host a Cookout
One of the most popular traditions to enjoy over the Fourth of July holiday is a cookout with family and friends. Get out the grill, grab some hotdogs and hamburgers and get cooking. Children love cookouts and they also love playing outdoors. If you can find a way to combine both by hosting a cookout and inviting some of the other children in the neighborhood, along with family and friends, you will have a happy Fourth of July and so will your kids.
Take a Trip
Speaking of traditions, the July 4 holiday is one of the most popular times of the year for travel. If you really want to make this holiday fun for your kids, take them on a vacation. Whether it's an amusement park, a weekend of camping, or a few days at the beach, make sure that you choose something that's fun for everyone.
Take in a Fireworks Display
If your neighborhood or city is hosting a display of fireworks, take your child to see the show. Make sure that you watch the kids closely, especially in large crowds, and take the camera to capture some of the colorful displays that only a Fourth of July fireworks show can create.
Plan a Pool Party
If you have a pool in your backyard, the Fourth of July holiday is the perfect time to spend some time splashing around. With temperatures heating up, the cool water is sure to cool you down. Children love to spend an afternoon playing in the pool, but make sure that you get permission from all parents whose children you plan to invite to the party. Additionally, make sure that an adult is present to supervise the children at all times.
Have a Birthday Party
Because July 4 is a celebration of our nation's birth, it would be the perfect day for a birthday party. All children love a birthday party complete with balloons, decorations and, of course, cake and ice cream.
Now that you know how to make the Fourth of July holiday fun for kids, make sure to take the time to enjoy the celebration yourself. After all, that's what a holiday is all about.
   
Copyright © 2009 Midwest Premier Realty, LLC. All Rights Reserved. No distribution, reproduction, or transmission of the copyrighted website materials are permitted without the written permission of Midwest Premier Realty, LLC.
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