You’re excited about buying your own little nest right here in Indianapolis. The decision to purchase a house is a big step, but don’t rush into anything just yet. Before financing a new home, meet with a mortgage broker for a consultation, and ask these questions before moving forward.
1. What are my loan options?
From conventional to VA loans, there are a number of mortgages available out there. You need to know for which loan types you’re eligible before settling on a particular type of financing. Your mortgage broker should be able to walk you through home loan options, giving you the potential pros and cons of each one.
2. What do you need to process my loan application?
If you want to be approved quickly, you will want to get the necessary documentation to the mortgage broker as soon as possible. Ask your mortgage broker for a list of necessary documents required, which generally includes:
- Pay stubs
- Bank statements
- Copies of tax returns
- Driver’s license
- Insurance agent contact information
The mortgage broker will let you know if any additional documents are necessary for processing.
3. How long will it take to process my loan?
This question is important, because mortgage brokers and banks can vary greatly in how fast your loan application is processed and closing date is assigned. At GVC, we generally have your loan application process complete within 24 hours and are able to close within 10-14 business days. You could easily have the keys to your new home in hand in less than a month.
If you have any additional home-loan questions, don’t hesitate to ask them before you complete the loan process. A good mortgage broker will gladly take the time to help you navigate the home-buying process.
For a quality mortgage broker in Indianapolis, Carmel, and Fishers, contact GVC at (317) 564-4906. We’ll arrange a free home-buying consultation so you can ask your questions and feel comfortable with purchasing your new home in Indianapolis.
photo credit: Mortgage on Chalkboard via photopin (license)
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