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Obtaining a Home Loan…Step by Step

Step-By-Step Guide In Obtaining A Home Loan

So you have looked at homes for sale in Pawleys Island, and decided you have found the perfect place!! 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. As most of you are well knowledgeable about this process, let this be a general guideline for first time home buyers from Pawleys Island Real Estate. What an exciting process to get through to enjoy the thrills of being a homeowner!


Choose A Home 

Home Sweet Home!

Home Sweet 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. As a real estate agent in Pawleys Island, I will make sure you have found the perfect 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 


Take a look at your credit report before you meet with the lender. The findings of your credit report can impact your interest rate, so it’s good to know what will impact your creditworthiness.









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 in Pawleys Island.


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  Look for inaccuracies, outdated information or anything that requires your attention.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. But there are some websites and credit card services that offer this for free.  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 



It’s an exciting time to own a home!!! Enjoy the perks of being a homeowner!







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

It is highly recommended that you get a home inspection! I'll answer your questions about this too!

It is highly recommended that you get a home inspection! I’ll answer your questions about this too!










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.


Melissa Keller, Realtor in Pawleys Island


Pawleys Island Real Estate

Pawleys Island Real Estate




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Pawleys Island Real Estate Homes