Buying your first home can be a dream come true for most adults, but when your loan is in the hands of the wrong mortgage company it can cause more stress than anything else. But here at AIM Financial we can help you turn this dream into a reality with our experienced staff members who are extremely proficient in the loan process from start-to-finish. We pride ourselves on offering some of the lowest rates nationwide for borrowers seeking a mortgage in and around Kent and Barry County. But first let us look at the definition of a Purchase Loan and what is involved in the application process.
A purchase loan is finance provided to a borrower by a lender for the use of purchasing an item such as a house or other expensive asset one could not otherwise afford. The different terms of this type of loan depend widely on the specific lender and the borrower’s credit. A purchase loan differs from other loans used to finance intangible things such as education finances or a new business venture, and in some ways is easier to define by describing what a purchase loan is not used for.
It is not a loan that is taken out after you buy a home such as a home equity line of credit or a home equity loan. It is not a refinance mortgage. With the seemingly endless loan options out there, getting to the finish line can often seem like a daunting experience. So what could an individual expect when starting the process of acquiring a purchase loan? With over 20 years of experience, our team here at AIM Financial has simplifled the loan process, removing the typically long-drawn-out process to help to you get into the home of your dreams.
The first step in the process involves “getting pre-approved”. During this first initial process, which can take place either in person or over the phone, some basic information will be collected from the borrower to get a better idea of what sort of financing can be made available. This basic information will usually include:
- Full Name, Social Security Number, and Date of Birth
- 2 year address history
- 2 year employment history
- Verification of all sources of income (i.e. social security benefits, child support, alimony, VA benefits, retirement income, pensions, etc)
- Complete report of all liquid assets or gift funds to be received
- Credit Report
- Supporting documentation, including Federal Tax returns for 2 years, employer paycheck stubs, W-2s, bank statements, photo ID and any addtional documentation that is applicable to your file.
Following the verification of the borrower’s submitted information and documentation, we will then provide you with detailed information reporting all the loans programs you qualify for. Having worked in the industry for several years and earning an A+ score as an accredited member of the BBB since 02/11/2010, we here at AIM Financial are confident with our ability to explain each loan program and the option we believe will best suit you!
To see if you qualify for an Purchase loan please click here for a free no obligation quote!
â€‹Or call us at (616) 855-3300