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Us Bank Mortgage - Navigating a US Bank Mortgage

types of loans starting the process know the market finalizing the loan

Owning your own home is the American dream. However, there are many hoops that must be jumped through in order to reach the point of closing on a new home and getting the keys to your new life. Depending on your financial situation and the current economic conditions, this process can vary slightly. If you are applying for a US Bank mortgage, expect to deal with the following issues when obtaining your mortgage loan.

Types of Loans

When searching for a US Bank mortgage, there are several products that you can take advantage of. Like most loan institutions, US Bank has various types of mortgage products, each with their own terms and standard interest rates. You can select a conventional or conforming loan with terms from 10 to 30 years. Interest rates on shorter terms loans will be lower than for longer terms; the payment, however, will be higher as the amount owed is spread over a shorter length of time. An FHA loan is also an option, with loan terms of either 15 or 30 years. FHA loans are often favored by first-time home-buyers as the terms and requirements are more favorable to those with less financial means. If you are a veteran, you may also be eligible for a VA US Bank mortgage, which will be similar to an FHA loan. Some home-buyers may find that an ARM results in lower payments than other types of loans; keep in mind, though, that the payment will adjust over the term of your US Bank mortgage and this can have a negative impact on your budget. Finally, for those that need to purchase a large sum of money, a US Bank mortgage can be issued for a jumbo loan.

Starting the Process

In order to get the ball rolling for a US Bank mortgage, you will need to provide some contact and identifying information. You can either submit this directly via the US Bank mortgage website, or you can search for a loan officer that works in your immediate area.

Once you have contacted a loan officer that can process applications for US Bank, you will need to submit some basic financial information in order to complete the pre-qualification process. Most Realtors will not seriously show properties without this assurance that you are a qualified buyer. Pre-qualification documents usually included personal information and basic financial paperwork, including tax forms, business and work information. Once the pre-qualification is in place, your US Bank loan officer will inform you of what price range you are approved for, and you can start looking for a home.

Know the Market

In order to make it all the way to closing, you will have to understand what parameters are being used to write and approve your US Bank mortgage. These change constantly based upon what the financial markets are currently doing. Even if you know what you can afford, you may be wasting time looking at properties that are not eligible for lending. In a down market, for example, US Bank may cease issuing any loans on properties that are modular of manufactured homes; looking at these options will become a waste of time. Get as much information as possible from your US Bank mortgage officer before you start your search or make an offer.

Finalizing the Loan

Once you choose a property that you like, you can put an offer in and negotiate a price that is agreeable to both you and the seller. At this point, you will be considered under contract and it will be time to work very closely with your loan officer to secure the best US Bank mortgage. This is when you will finalize what type of loan you are getting, as well as the interest rates, fees, closing costs and monthly payments that apply to your home loan. An official application will be filled out and signed. If you are buying the property with the help of a co-signer, their information will need to be submitted and verified. When these aspects have been agreed upon, your loan officer will send you a full disclosure document that will also need to be signed and returned. Don’t be alarmed if you are going back and forth with your US Bank loan officer for weeks, passing various documentation and signatures back and forth. Every piece must be exactly in place to make it to closing. Once everything is completed, you can move to closing, pay the closing costs and sign all appropriate paperwork to release the home to you.

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