Summary
This chapter has outlined the steps you will need to follow as you shop for a mortgage loan suited to your needs. You will need information to compare various lenders’ policies and terms. Therefore, ask a lot of questions and be specific about your needs. When you find a lender that seems right for you, complete a loan application and schedule an interview. Once the loan is processed, you will be notified whether your application was approved or denied. If you were not approved, find out why and take the necessary steps to correct the situation. If your application is approved, you are on your way to homeownership! In the next chapter, we will look at what is involved in "closing" or finalizing the loan, issuing the mortgage, and getting the keys to your new house!
Action plan
Once again, it is time to review your current action plan and develop a new one. Make a new list of opportunities and obstacles, as well as strategies to overcome them. As before, specify the tasks that need to be completed and write down next to each task the name of the person who will be responsible for its completion, along with a deadline for completing the task.
Take a look at the people who are currently involved in your planning group. Consider whether new people need to be included at this point and invite them to participate.
Checklist
Ö Learn about various types of loans.
Ö Choose a lender.
Ö Arrange for an interview, using assistance as needed.
Ö Prepare necessary documentation.
Ö Complete a loan application.
Ö Get pre-qualified by a lender, if you have not done so.
Ö Arrange to have a representative payee, if applicable, supply the lender with copies of the accounting reports submitted to the Social Security Administration for the previous two years.
Ö Obtain probate court approval, if applicable.
Ö Develop a plan for long-term maintenance.
Ö Develop a plan for capital improvements and tax increases.
Ö Develop a plan for long-term assistance.
Ö Make a list of opportunities and obstacles.
Ö Develop a new action plan.
Ö Invite new people to participate in your planning group (if necessary).
Ö Read Chapter Five.