The Des Moines, IA metro area plays home to nearly half a million people. With the insurance industry as the major economic element in the area, many jobs are available, and a great school and university system is in place. Entertainment, like the Iowa State Fair and the Des Moines Art festival, makes an appearance in the area each year, and the metro continues to grow. If you are interested in calling Des Moines, IA home, you will need to start with a great mortgage.
Pre-approval
The first step in obtaining the mortgage of your dreams is getting pre-approved by a lender. Pre-approval involves a lender looking over your current financial situation and assets to determine how large of a loan you can afford. Expect to submit the following paperwork at a prequalification meeting: W-2 and 1099 forms for the past two years, federal tax returns for the past two years, bank statements for the last two months, pay stubs from your current job for the past two months, and cancelled rent or mortgage checks for the last two months. Your lender will have you sign an Equal Credit Act Disclosure form before he runs a credit check to let you know that you cannot be turned down for a Des Moines, IA mortgage loan on the basis of race, gender, or religion.
Options
Once you are pre-approved for your loan, talk about mortgage options with your lender. Whether you want a traditional adjustable rate product or something a bit different like an options ARM loan, your lender can tell you what will work with your financial situation, what he or she has available, and what the interest rates and loan costs on each product might be.
Your last step is to begin shopping for the Des Moines, IA, home of your dreams. Your lender may even be able to connect you with a good real estate agent to speed up the process.
Refinancing
If you already have a Des Moines, IA mortgage, and you are interested in refinancing because of the rising property values in the area, perhaps it is time to consider talking to a lender about refinance mortgages. Most people refinance for two basic reasons: either you refinance because you would like a better rate or term on your loan, or you choose to refinance because you want to cash-out the equity you have built up in your home. Both types of refinance loans involve choosing a new mortgage, so talk with your lender about new mortgage products that might be right for you.
When you choose to refinance your loan, expect to submit the same paperwork that you did for your first mortgage. However, if you choose a low documentation loan or you choose to refinance your home with the same mortgage company, you may have the option of a streamline loan, which cuts down considerably on the processing time needed to get your request approved.
Once you have applied for your refinance, your lender will send you a Good Faith Estimate of the closing costs involved in your Des Moines, IA refinance loan, but in most cases, these costs can simply be subtracted from the total amount of the loan so you do not have to pay the these fees upfront.
Cashing out your equity may sound like a great idea, but refinancing your entire mortgage may not be best for your situation. If this is the case, talk with your lender about a home equity loan or line of credit. These kinds of loans can be streamlined as well, meaning that all you will have to do is sign your name to get the cash you want.
Whether you are looking for a Des Moines, IA mortgage, refinance, or home equity loan, we can help. Take a moment to fill out the form below. A lender will contact you right away to discuss your needs.
