Buzz About Sacramento: Investing On the Local Homes for Sale Made Easy

The real estate market in Sacramento is currently booming with activity. The many local homes for sale here are waiting for investors! Are you willing to buy one of those houses? Are you capable of financing the investment completely on your own? If you need some assistance for financing your home, consider the home loans. Home loans are external financial assistance from either the private lenders or the government to help you realize the dream of owning a home. It is essential that you understand the home loan procedure before applying for it. The home loan procedure begins with the pre-qualification process where the lender will gather all your information including credit history, income, down payment information and savings. This is done to determine your ability to repay the loan amount.

Once you are considered eligible for the loan, you have to apply for the loan by submitting a loan application. The completed loan application has to be properly documented along with your federal tax returns, two current paystubs and bank statements showing your savings and down payments for 3 months and the details of your land lord who has local homes for sale. Once the application is submitted, it will be processed by the lender.

The processing of your loan application includes verification of your documents by sending verification forms to your landlord, employer and the bank. If any discrepancies arise, then you will be called for an explanation. Once all the documents are verified, your loan application is submitted to an underwriter for underwriting your loan. The underwriter is in charge of determining if your application is suitable for approval. Once the loan is approved by the underwriter, he may have some conditions on the loan that may have to be met before the loan is funded. The general conditions include submitting your updated paystubs, letter of explanations, purchase agreement from your landlord, etc.

Only when these conditions are met, the underwriter will sign your file and send the documents to the closing agent. Finally when the application along with the documents and conditions reach you for your signature, do not blindly sign it to get your loan funded! Read through each paper carefully to double check with the terms and interest of the loan. Also ensure that all the names and addresses are correct before signing the documents. When all the documents are signed by all the concerned people, the lender will review them before funding the loan. Once the loan is funded, a deed of trust will be recorded. On conformation of the recordings, your funds will be released!

For additional resources and information please visit the following sites.

Resource Links:

http://www.gmacrealestate.com

Bill Fields All Star Coaching Program: http://www.AllStarCoaching.net
GreatWest GMAC Search all MLS Listings: http://www.LocalHomeLink.com
GreatWest GMAC Consumer Buyer/Seller Blog: http://www.GreatWestBlog.com

T. Sami Siddiqui (Broker/ Owner) Buzz About Sacramento Blog: http://www.samisiddiquiblog.com
Brodie Stephens (Executive Vice President) One Stop Blog: http://www.brodiestephensblog.com
GreatWest Podcasts- Weekly Updates on new REO, Short Sale, Bank Owned Foreclosure Listings: http://www.HouseTalkOnline.com
GreatWest Videos: http://www.youtube.com/brodiestephens
Facebook Brodie Stephens Profile Page: http://www.facebook.com/brodiestephens
Facebook GreatWest Profile Page: http://www.facebook.com/searchmlshomesforsale
MySpace Brodie Stephens Blog: http://www.myspace.com/brodiestephens
MySpace GreatWest Blog: http://www.myspace.com/greatwest
Picasa Web Album: http://picasaweb.google.com/brodiestephens