{"id":1583,"date":"2024-02-09T04:50:48","date_gmt":"2024-02-09T04:50:48","guid":{"rendered":"https:\/\/tomo.com\/blog\/?p=1583"},"modified":"2025-02-10T16:40:53","modified_gmt":"2025-02-10T21:40:53","slug":"tomos-guide-to-home-buying-part-5-how-to-get-a-mortgage","status":"publish","type":"post","link":"https:\/\/tomo.com\/blog\/tomos-guide-to-home-buying-part-5-how-to-get-a-mortgage\/","title":{"rendered":"Tomo\u2019s Guide to Home Buying Part 5: How to Get a Mortgage"},"content":{"rendered":"\n<div style=\"height:11px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>February 9, 2024<\/p>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"wp-block-heading\">Who we are<\/h4>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-small-font-size\">Susie Chow is Tomo\u2019s lead writer based in Atlanta, Georgia. We present our first-ever Tomo&#8217;s Guide to Home Buying, broken into five sections, as a tool for all homeowners. Susie is also a contributing writer for Eater Atlanta, and has written for global brands, Shangri-La Hotels &amp; Resorts, Airbnb, Uber, and many more.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"wp-block-heading\">In This Section: How Long Does it Take to Close on a House<\/h4>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"#get-loan-house\" title=\"\">How to get a loan for a house<\/a><\/li>\n\n\n\n<li><a href=\"#essential-documents-information\" title=\"\">Essential documents and information<\/a><\/li>\n\n\n\n<li><a href=\"#home-appraisal-inspection\" title=\"\">Home appraisal and inspection<\/a><\/li>\n\n\n\n<li><a href=\"#homeowner's-insurance-title-search\" title=\"\">Homeowner\u2019s insurance and title search<\/a><\/li>\n\n\n\n<li><a href=\"#decision-closing\" title=\"\">The decision and closing<\/a><\/li>\n\n\n\n<li><a href=\"#congrats-you're-homeowner\" title=\"\">Congrats! You\u2019re a homeowner<\/a><\/li>\n<\/ul>\n\n\n\n<div style=\"height:11px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Applying for a mortgage is a time of both excitement and stress. On one hand, it signifies a significant step toward homeownership, bringing you closer to your dreams. On the other hand, the mortgage process is often complex and demanding, involving much paperwork, financial scrutiny, and important decisions. In Part 5 of Tomo\u2019s Guide to Home Buying, we\u2019ll shed some light on <a href=\"https:\/\/tomo.com\/mortgage\">how to apply for a mortgage<\/a> and how long it takes to close on a house to get you there a little more smoothly.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"get-loan-house\">How to Get a Loan for a House: The Application Phase<\/h4>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Navigating the mortgage application phase can vary based on your pre-approval status. If you have an underwritten pre-approval, you&#8217;ve likely already provided a significant amount of required documentation, simplifying the process. However, if you&#8217;re in the pre-qualification stage, you may need to gather additional information to meet lender requirements and secure your home loan.<\/p>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>Tomo Tip:<\/strong> One of the biggest challenges homebuyers face right now is affordability. They are getting hit from both sides; high home price appreciation and high interest rates. Because of this it\u2019s important to know EXACTLY how much home you qualify for with certainty. Gather all your relevant income and asset documentation and send it to your lender as early as possible. Ask them to review everything in detail upfront and to provide the MAXIMUM purchase price and loan amount you\u2019d qualify for! It\u2019s great to know your \u201cceiling\u201d and what the respective monthly payment and out of pocket costs would be to help put homes into perspective.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"essential-documents-information\">Essential Documents &amp; Information<\/h4>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>When <a href=\"https:\/\/tomo.com\/mortgage\" title=\"\">applying for a mortgage<\/a>, you&#8217;ll need to provide several key pieces of information:<\/p>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>Personal Information:<\/strong> This includes legal name, Social Security number, contact details, residence history, education, marital status, and dependents.<\/p>\n\n\n\n<p><strong>Employment Verification:<\/strong> Lenders will need your employer\u2019s details, job title, and proof of income like pay stubs or W-2s.<\/p>\n\n\n\n<p><strong>Assets &amp; Liabilities:<\/strong> Document your assets (savings, stocks, life insurance cash value) and liabilities (debts, alimony, job-related expenses).<\/p>\n\n\n\n<p><strong>Property Details:<\/strong> Details of the property you intend to purchase, including address, type, and purpose.<\/p>\n\n\n\n<p><strong>Other Considerations:<\/strong> Include declarations like bankruptcies or judgments, military service information, and legal obligations relating to the mortgage.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"home-appraisal-inspection\">Home Appraisal &amp; Inspection<\/h4>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>The appraisal process considers various factors such as location, property condition, and recent sales in the area to determine the home&#8217;s fair market value. The inspection thoroughly examines structural and functional aspects of the property to uncover any potential issues, providing you with a comprehensive view of your prospective home.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"homeowner's-insurance-title-search\">Homeowner\u2019s Insurance &amp; Title Search<\/h4>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Homeowner&#8217;s insurance is not only mandatory but also provides you with peace of mind, protecting your investment against unforeseen events like fire or natural disasters. Additionally, title insurance safeguards your property ownership by thoroughly researching its history to identify any hidden legal claims, ensuring a smooth and secure transaction.<\/p>\n\n\n\n<div style=\"height:13px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>Tomo Tip<\/strong>: Ask your real estate agent or loan officer if they recommend any homeowners insurance providers. Or, if you know anyone in the area, their personal experiences are very important. Get quotes from at least three and compare the price to coverage ratios.<\/p>\n\n\n\n<div style=\"height:26px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"decision-closing\">The Decision &amp; Closing<\/h4>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>After you&#8217;ve submitted your mortgage application, the decision can vary, ranging from an immediate approval to a request for more documents, or in some instances, a denial. Obviously, these factors heavily influence how long it will take to close on a house. Approximately three days before the closing date, you will receive a Closing Disclosure, which provides comprehensive information about your loan terms and the associated closing costs. As part of the final steps, a final walk-through of the property will be conducted to ensure it aligns with your agreed-upon terms. It&#8217;s crucial to prepare the necessary documents for the closing, including a valid ID and proof of insurance.<\/p>\n\n\n\n<div style=\"height:27px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"congrats-you're-homeowner\">Congrats! You\u2019re a Homeowner<\/h4>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>You\u2019ve done it! And now it\u2019s time to make this house a home; and we\u2019re not just talking design and decor, it\u2019s about making great memories that will turn this house into your special place that gives you a sense of comfort and belonging.<\/p>\n\n\n\n<div style=\"height:12px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>And remember, your home doesn\u2019t end where the sidewalk starts, so make sure to say \u201chello\u201d to your new neighbors, try out some local shops and restaurants, and maybe even find out when your neighborhood association meets. Your new home comes with a new community to connect with as well! It is this exact moment \u2014 when homebuyers reach their goals with the <em>least<\/em> amount of anxiety and frustration \u2014 why <a href=\"https:\/\/tomo.com\/mortgage\" title=\"\">Tomo<\/a> exists. <\/p>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>We believe the joy and promise of a new home should never be overshadowed by the hassle of buying one. So if you\u2019ve gotten this far in the home buying journey, you did it! <strong>Welcome home<\/strong>.<\/p>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n<div class=\"wp-block-post-author\"><div class=\"wp-block-post-author__avatar\"><img alt='' src='https:\/\/secure.gravatar.com\/avatar\/696a9d36159ef261b164aee3f8795a4718a27e4d0907097dc9e75fc1e4d76750?s=48&#038;d=blank&#038;r=g' srcset='https:\/\/secure.gravatar.com\/avatar\/696a9d36159ef261b164aee3f8795a4718a27e4d0907097dc9e75fc1e4d76750?s=96&#038;d=blank&#038;r=g 2x' class='avatar avatar-48 photo' height='48' width='48' \/><\/div><div class=\"wp-block-post-author__content\"><p class=\"wp-block-post-author__name\">Susie Chow<\/p><\/div><\/div>\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Applying for a mortgage is a time of both excitement and stress. On one hand, it signifies a significant step toward homeownership, bringing you closer to your dreams&#8230;<\/p>\n","protected":false},"author":16,"featured_media":1703,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[288],"tags":[],"class_list":["post-1583","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-home-buying-process"],"aioseo_notices":[],"jetpack_featured_media_url":"https:\/\/tomo.com\/blog\/wp-content\/uploads\/2024\/02\/how-to-get-a-mortgage-1-jpg.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/posts\/1583","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/comments?post=1583"}],"version-history":[{"count":10,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/posts\/1583\/revisions"}],"predecessor-version":[{"id":2251,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/posts\/1583\/revisions\/2251"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/media\/1703"}],"wp:attachment":[{"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/media?parent=1583"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/categories?post=1583"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/tags?post=1583"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}