Nevada Home Mortgage Loan

Process
Know more about the loan application process in detail and give you some tips on how to get a
mortgage. If you would like more information about Nevada mortgage loans or mortgage rates in
Reno, Minden, Carson City and the surrounding areas, contact Patrick Winchell today.

Prequalification
This step gives you the early notice of being qualified for a loan from a mortgage lender like
Movement Mortgage, and also increases your potential by being listed as a cash buyer when
negotiations begin.

Getting the Loan

Your mortgage lender will research all resources to find the best financing options for your needs.
Some of the many factors that come into play during this step are:

What length of time are you planning on having the loan?

What type of interest rate, fixed or adjustable, works for you?
What kinds of costs are involved with the loan and can you afford them?
Should you pay points?
What is the best time to lock your interest rate for the loan?

Applying for a Nevada Home Mortgage Loan

After gathering all of the necessary information for you, your loan application will be complete.
Things to remember to submit are:

Outstanding Debts
Other Loans
Additional Assets
Yearly Income

Submitting Paperwork
Although we live in a green age, paperwork is still needed for the mortgage application. You will
need to submit additional paperwork with the application, including:

2 years of W2s
2 months of bank statements
1 month of paystubs

Finding Your Nevada Home

Now you can start to look for your new home in Reno, Carson City, Minden, Sparks, and the
surrounding areas. Finding one can be challenging, but with the knowledge of what you qualify for
and the support of your mortgage loan officer, you can focus on your search. Things to consider
while negotiating for the home are price, closing costs and date, seller concessions, and possibly
the length or term of the mortgage loan.

Appraising the Home

Most mortgage lenders, including Movement Mortgage, require an appraisal be done on the
home. This way you can know the exact value of the home and ensuring that you are not
overpaying for your potential new home.

Getting Home Insurance

Most mortgage lenders also require home insurance that covers fire and hazards. If your new
home is located within a flood zone, you will also be required to have flood insurance.

Getting Mortgage Insurance

Not all loans do, but some require mortgage insurance if your down payments on the home is
less than 20% of the sales price. The good thing is that mortgage insurance can be filed as a tax
deduction. Ask Patrick Winchell for more details about this.

Nevada Mortgage Loan Processing

With all of the final information gathered about you and your potential new home, your mortgage
lender - in this case, Movement Mortgage - will package it together and send it to the processing
department for review and approval. The processor will look over all of the details to ensure
accuracy, match numbers, check to see if the correct insurance is included, put the loan through
an automated underwriting system, and see if any documents are missing. Once the review is
finalized, the packet will be sent to our underwriting team.

Underwriting
An Underwriter will look over your loan application from start to finish. Once done, they will see if
any additional information is required and then make the decision to approve your loan.

Closing and Funding Your Loan

With the Underwriters approval and all of the documents packaged, the packet is sent to the
attorney to be signed, funded by New American Mortgage, and the filed for records.

You are now the owner of your new Nevada home!