The Next Move to Do After Mortgage Loan is Approved

Having your mortgage loan approved may be one of the happiest feelings there is, that is, aside from buying the house itself. After all the effort, time, money, and perhaps prayers put into your loan and having it all pay off is indeed an amazing feeling. Now, having your own house is a becoming a fast reality.

The next few steps that you take after the loan approval are the most crucial of the whole house-buying process.

Here is a rundown of the next things you will be doing:

Look for prospect houses. With the birth of the Internet, almost any information you need can be looked up anytime and anywhere, even in the comforts of your own home. It is in this step you should take the utmost care and thoroughly analyze your decision. Using the internet, you can gain access to hundreds or thousands of online listings in your preferred area. A word of caution though, be careful when doing online transactions, since not all of those posted online are verified and legal. Double check your sources just to make sure. The newspaper is another good source of information. Note down prospects, making sure to list down the address, price, and the contact number.

Go on a site visit. Seeing the real thing is way better than just basing on the pictures. Contact and make a schedule for a house visit. Get a feel of the place. A good way would be to imagine you living in the house, does it feel right? Some other questions you need to ask are:

• Does the house have a regular water supply? How about the electricity?
• Does it flood here?
• Are there any nearby schools or medical facilities?
• Is there a telephone line available?
• How old is the house?

See if there is anything in need of repair. As a rule of thumb, sellers should always inform the buyer of any problem regarding the house. Pest problems, plumbing upgrade, roof maintenance and termites are some of the things home-buyers should look out for. If there is a need for repair, get a professional estimate of how much it would cost and see if it is still within your budget, and worth it too.

Think it over, and over, and over again. Let us say you found the perfect house at the perfect location and at the perfect price too. But before you jump into any final decision—think it over. Look at it from all angles and weigh the pros and cons. Buying a house is a very important decision and you would want to do it right. Calculate how much you really need and see if you can afford it. If you think you have found your ‘dream house’, then go and make arrangements.

Pay the down payment. All mortgage loans require a down payment. This can range from 20% to as low as 5%. Read the contract and review it over, ask questions if you need to. Keep all payments listed and keep the receipts. The idea here is to know everything about the loan to avoid misunderstandings.

Move in. All successful mortgage loans lead to this, moving in. Nothing beats walking into a house, knowing it is yours (well, only partially for the mean time). This is the pot of gold at the end of the rainbow. Hire professional movers so you can relish the experience.

You will know you’ve made the right decision, when it also feels right. Now you know having your loan approved is not the end but the start of your house-buying experience. After the approval, all you have to think about is paying that mortgage off, and the house will be truly yours.

Samon Bagons is a financial writer who has profound knowledge on the contemporary financial world. He loves to contribute his articles to various financial communities, websites and blogs so that people who are going through distress, can read and help themselves get out of the debt mess.