Posted: Fri Nov 14, 2008 12:57 am Post subject: Applying for a mortgage loan in another state
I am living in Illinois currently and plan to move to Tennessee. What is involved in buying a home in Tennessee before moving down there? As far as work goes, I own and operate my own business and my husband is off on workman's comp right now so we have enough income to support a mortgage easily. I need to know what is involved in this process. Thank you!!
As you are planning to get a house in Tennessee, you will first have to get approved from a lender and then start searching for a house. The lender will take into account your credit score as well as your income. The lender will also check the amount of down-payment you can pay. It will be better if you do some mortgage shopping before zeroing on a lender. This will help you to know the terms and conditions the lenders can offer you.
To know more about mortgage basics, check out the information available here.
You need to plan this one and go accordingly, don't rush through in the exitement to buy the new home.
1. You need to get hold of a realtor and discuss with him about the kind of property you are wanting to buy. (You could go online @ www.realtor.com and see a few houses listed online for sale in the desired area)
2. Preliminarly, Talk to atleast 3 mortgage companies and compare the deals that they are offering you and most importantly pre-qualifying you.
3. Per your budget understand the downpayment that you would like to make on the house. Should you think that a high downpayment is not possible, you can seek an FHA loan.
4. Once you have identified the property, get started with the lender you choose to work with!
Hope this helps. _________________ Shayne Roy
Profolio Home Mortgage Corp.
Add : 3701 Briarpark Suite 150, Houston TX 77042.
Direct: 713-429-4304 Ext.1032
You need to contact a Nigeria based lender to get a loan. This mortgage community has lenders who give loans to people based in USA. _________________ Procrastination is the enemy of your financial sucess
You can use our lender base on Mortgagefit to help you find the right mortgage. If you have any questions you can repost, and anyone will be able to assist you
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