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Carlson GMAC Real Estate

Obtaining A Mortgage

Before you begin your home search in earnest, we recommend that you become prequalified for a mortgage. Doing so will allow you to identify the level of properties that you can realistically consider, and move forward with confidence once you've found a home that you wish to buy.

GMAC is one of the ten largest non-governmental residential mortgage lenders in the country. As part of the GMAC family of companies, our clientele see a distinct advantage over other real estate brokerages that enjoy less committed relationships with lenders. Our in-house mortgage consultants can guide you from the pre-qualification stage all the way through closing once your offer to purchase a property has been accepted. There are a wide variety of mortgage programs available — your consultant will help identify those that are the best fit for you.

Common loan programs include:

  • Adjustable Rate
  • Balloon
  • Buy Down
  • Construction/Permanent
  • Convertible
  • First & Second Combination
  • First-Time Buyer
  • Fixed Rate
  • Government: FHA, VA, State Housing Authority
  • Jumbo
  • Non-Conforming

The Mortgage Process

The following is an overview of the typical mortgage procedure:

  • Mortgage Analysis: Your mortgage consultant will analyze your financing needs, match them to available programs, and then recommend the best options for you and your specific situation.
  • Application: This is the procedure of applying and being approved for a mortgage, which should be done in advance of your home search.
  • Rate Lock: At any time, based on the guidelines of a particular program, you may have the opportunity to lock in the interest rate, guaranteeing the rate at the time of closing.
  • Commitment Letter: Once you have completed your mortgage application, it will be reviewed by one of our underwriters. Upon approval, a commitment letter will be issued detailing the terms of the approval.
  • Conditions: At times, commitment letters are issued with conditions — factors that need to be addressed prior to closing.
  • Closing: At a time and place convenient for all involved parties, a closing will be scheduled, at which time all paperwork is authorized and signed, and title to the property passes from seller to buyer.

Information Normally Required for a Mortgage Application

Current Housing Scenario

  • Do you currently own a home, or rent?
  • If you own, what is the unpaid mortgage balance?
  • How much do you estimate your home to be worth?

Income Details

  • Home address for the past two years
  • Your gross monthly income (and your spouse's, if applicable)
  • W-2's for the prior two years
  • One month of current pay stubs
  • Proof of pensions, retirement funds, disability income, and/or social security income
  • Proof of income from rental properties
  • Proof of investment income
  • Proof of child support and/or alimony, paid or received
  • If self-employed, 1040 tax returns for the prior two years, current Profit & Loss Statement

Credit History

  • A list of all active creditor's names and addresses, types of accounts, account numbers, estimated balances, monthly payment amounts
  • Overview of credit history, including any bankruptcies and/or foreclosures Banking Information
  • A list of all active banking accounts, including institution names and addresses, types of accounts, account numbers, and current balances

Other Necessary Details

  • A list of all other assets, including stocks, bonds, land, and personal property
  • Cash value of life insurance policies to be used as down payment
  • Copy of the sales contract for selling your current residence (if applicable)
  • Social security number (and your spouses, if applicable)
  • Veteran's Certificate of Eligibility and DD-214

By preparing in advance, obtaining a mortgage becomes just one more step in the process, rather than a daunting task. Your mortgage consultant, along with your real estate sales associate, can help you understand what to expect and how to achieve a positive outcome.

Searching For Your New Home

As mentioned in section 2:4, nearly three-quarters of buyers begin their search online. Far from mere window-shopping, they are able to compile and analyze important statistical data to help them better understand the market and make more informed choices about factors such as pricing, affordability, mortgage options, insurance programs, and selecting a sales associate with whom to work.

Our websites have been designed to empower you with a host of useful tools. Detailed, intelligent searches can be performed, scanning every property listed with the MLS to find those that match your personal criteria. You can save your search criteria, and be notified by email or on your cell phone every time a property comes on the market that matches your specifications. Mortgage and affordability calculators can help define what level of property you should be focused on finding.

Your sales associate can be a tremendous advantage during your home search, combining a deep knowledge of the local marketplace with a thorough understanding of your goals. Often times, sales associates receive word of properties that may be coming on the market in advance of the larger community, giving you a distinct advantage.

Regardless of how you are first exposed to a property — online, in a newspaper ad, by direct mail, during a chance drive by, or at the recommendation of your sales associate — once a home has caught your attention you will want to see it in person. There is truly nothing that can compare to walking into a home, feeling it's sense of space, architectural details, floor plan, and finishes.

Making An Offer

Once you have identified a home of interest, and before you place an offer to purchase it, your sales associate will prepare a Comparative Market Analysis, to help you better understand how it compares to others on the market of similar value and features. With this information in hand, you can place an offer with a high degree of confidence that it is fair and reasonable.

When an offer is made on a property, a Purchase and Sales Agreement is drafted to document its details. This will include the price you are offering to pay, the time frame within which you anticipate being able to close, and any contingencies that the offer is predicated on, such as satisfactory lender appraisal and home inspection.

Your sales associate will play a critical role in this step, overseeing the development and delivery of the Purchase and Sales agreement to the listing agent representing the seller, and then managing all subsequent negotiation until a final, approved agreement is reached. As much as possible, you should refer to his or her experience with this activity; as an impartial third party, your sales associate can help to make sure that your needs and goals remain in focus during what can become an emotional time.

Home Inspections

In addition to any inspections required by regulation or the mortgage lender, hiring a licensed inspector to examine your new home prior to closing is highly recommended. In fact, it is common to make an offer to purchase contingent upon an acceptable home inspection report. Home inspectors act as independent third parties, reporting their findings in fair and impartial terms, helping to shed light on the condition of the more imperceptible elements of the property. There are a number organizations, such as the American Society of Home Inspectors (ASHI) and the National Association of Certified Home Inspectors (NACHI), that serve to promote the standards and practices of the industry.

Generally, home inspections cover:

  • Structural: foundation, framing, other structural components
  • Exterior: wall coverings (siding), exterior doors, decks and balconies, steps, railings, eaves, soffits, fascias, surface grading and drainage, walkways, patios, driveways
  • Roofing: roof coverings, drainage systems, flashing, skylights, chimneys, roof penetrations
  • Plumbing: supply and distribution systems to all fixtures and faucets, drains, vents, waste systems, water heaters, flues and chimneys, fuel storage and distribution systems, drainage
  • Electrical: service drop, conductors, cables, raceways, service disconnects, grounding, main and sub panel components, over-current protection, ground fault circuit interrupters, installed lighting, wall switches and dimmers
  • Heating: equipment, venting systems
  • Air Conditioning: central and wall-mounted equipment
  • Interior: walls, ceilings, floors, steps, stairways, railings, countertops, installed cabinetry, doors, windows, garage doors and openers
  • Insulation/Ventilation: insulation, vapor barriers, ventilation of attics and foundations, mechanical ventilation systems
  • Fireplaces/Solid Fuel Devices: system components, venting, floors, chimneys