Purchasing a home is a big life decision and the mortgage process is a big part. Especially in today’s hot housing market, a buyer needs to have all their ducks in a row. Here are several steps to take which will walk you through the mortgage process.

1. Get a free rate quote (or two)

With anything you buy, you always shop around for the best deal. This is the same for mortgages. You will want to obtain a free rate quote from at least a couple of different lenders. Before contacting a lender, have the answers to these questions. Are you buying a home or refinancing your current mortgage? What kind of home are you looking for? Will this be your primary residence? When are you looking to buy/refinance? Where do you want to live? The majority of lenders will want you to answer these questions when you are asking them for a free quote.

2. Choose a loan originator

Once you find the best quote, you will want to choose a loan originator. Once you have chosen a loan originator, they will be your point of contact when it comes to the mortgage application. The loan originator is the middle man and can make communication between all parties run smoothly.

3. Get preapproved

In the current seller’s market, this is a must. Getting preapproved lets a seller and an agent know that you as a buyer are serious. In order to get preapproved, you will need to give your chosen lender your credit score, income, debts, and any other financial obligations. Once you are preapproved, the lender will give you a letter that will last 90 days.

4. House shop

Once you know the amount you are preapproved for, it is now time to shop for a home. Remember to choose the right Realtor who can help you narrow down your options.

5. Make an offer

When you and your Realtor have found your dream home, you need to make an offer. This is where your preapproval letter comes into play. A preapproval letter will give you a leg up on other buyers.

6. Lock your rate and get an appraisal

Once your offer has been accepted it is time to get into the loan options and rates. You will want to choose the right type of loan and rate that fits your budget. During this time you will also want to get an appraisal on the home. Usually, the appraisal is requested by the lender. The lender wants to make sure the loan amount is not over what the value of the home is appraised for.

7. Apply for financing

Now is the time to apply for your loan. Plan on a week to two weeks to finalize your loan application. You will need to gather all your documentation which includes your most recent pay stubs, employment records, bank statements, tax returns, government-issued ID, and social security number.

8. Underwriting

This is part of the mortgage process where a lender will assess the risk of approving your loan. This is the final decision stage for your loan application.

9. Final review

Once your loan is approved it is time to go over all of the paperwork. Your lend will review everything and make sure it is ready for closing. You will also get a closing statement which will show you how much money you need to bring to the closing.

10. Closing time

The final step is the closing. At the closing, you will sign documents and pay the closing costs. Once you have completed this, you are given the keys to your new home!

Click Here For the Source of the Information.

The kitchen is the heart of the home and every kitchen has its own layout. A luxury kitchen is not defined by the best design, appliances, fixtures, or features but by the layout. Industry professionals say there are six different categories the layout of a kitchen falls under.

1. The Island

This style type of kitchen will fit most home designs. It gives additional counter, cabinet, and appliance space. There will need to be a large footprint allotted to the kitchen as the island will take up a good bit of space. An island requires space for itself and space for walking room around the island.

2. The Peninsula

A peninsula kitchen works great in a home with a kitchen that has many walls. Benefits include an extension of cabinet space and counter space that looks out into open space. Similar to the island, the peninsula is not free-standing and takes up less space. It does close off part of the kitchen almost like a wall would.

3. The One-Wall Kitchen

A one-wall kitchen is the best layout for saving space. This is a great layout for lofts, studios, or extremely long kitchens. In this style of kitchen, everything is fixed to a singular wall. This creates a very clean design with plenty of room. The only downside is the lack of prep space. An island can be added in front of the wall to create more prep space but this takes this layout and changes it to more of a galley kitchen.

4. The L-Shaped Kitchen

An L-shaped kitchen is the best layout to get the most corner space and fits into any home design. This layout can limit foot traffic in a large kitchen. The space made by the L can have many unique features such as a large kitchen island.

5. The Galley Kitchen

A galley kitchen is a little bit on the smaller footprint side. There can only be one cook in the kitchen so to speak. This layout maximizes functionality in a narrow space. The only home design this layout will not work in is a layout with a great room or keeping room concept. It is not functional as an eat-in kitchen and is isolated from the rest of the home.

6. The “U” Kitchen

A “U” kitchen is great for creating an open cooking space with tons of cabinetry, prep space, and functionality for multiple cooks. This type of kitchen can have an eat-in kitchen or huge island. This layout is perfect for a large footprint and it needs at least 2 walls if not 3.

Click Here For the Source of the Information.