Apply Now

Buying a Home and Getting a Mortgage

Loanwise makes the mortgage process fast so you have more time to make other important decisions. You work directly with a Loanwise representative as you navigate the journey to homeownership. Along the way, you’ll have access to cutting-edge tools and specialized advice.

Learn About Your Options

So you know you’re interested in buying a house. What happens first? Many people go through a preapproval process — meaning, before they pick out the home they want to buy, they get the mortgage process started. Once you’ve contacted us, an experienced loan officer can explain your options in detail to you. Ultimately the decision comes down to what you qualify for and which loan matches your lifestyle.

During the application process, the following documents are typically needed:

Your past two years of W-2 tax forms
Your recent pay stubs
The previous year’s tax return
A list of accounts you owe money on, including car loans, student loans, credit cards and child support payments, including full balances and minimum monthly payments
A list of your assets, such as bank statements, mutual funds, real estate and car titles, and any other investments

Your Home Lending Options

The loan term affects:

  • The interest rates available to you. Going with a shorter loan term typically means you’re able to secure lower interest rates.
  • How much of each payment goes toward your principal (the amount you owe toward the actual home cost) and how much toward interest.
  • How much you’ll pay in interest over the life of your loan.

There are two types of interest rates:

  • Fixed: With a fixed interest rate, the rate stays the same over the life of the loan.
  • Adjustable: With an adjustable interest rate, the amount of interest you pay each month is adjusted each year to reflect market conditions.

Different people qualify for different types of loans:

  • VA Loans: U.S. military veterans, service members or surviving spouses can qualify for a VA loan, which can reduce the amount of down payment needed.
  • FHA Loans: FHA loans are insured by the Federal Housing Administration. Typically, an FHA loan requires a lower down payment.
  • Conventional Loans: The majority of loans are conventional loans. These loans typically require larger down payments than VA or FHA loans.

Home Inspection

An experienced home inspector can save you headaches down the road. If a house needs thousands of dollars in hidden repairs, often the seller will agree to fix things or reduce the selling price of the home before you make a commitment.

Appraisal

Your home is a serious investment. A local appraiser will inspect the property to make sure that the price you’re paying is fair, given the home’s condition and location.

Underwriting

At this point we start drafting the loan for your new home. Our system will let you know what information and documentation we need from you, once we’ve officially received it, and what the next steps in the process are.

Closing

Break out your favorite pen — it’s time to sign on the dotted line and get the keys to your new home. After that, all you have to do is start your happily ever after.