Columbia, MO

Steps in completing your home purchase loan

1. Pre-approval - Get pre-approved for a mortgage and know in advance exactly how much house you can afford. Completing this step will also increase your negotiating power since you'll be viewed as a "cash buyer".

2. Loan Search - Put yourself in the hands of an experienced mortgage professional, someone who will help you to determine which financing options best suit your needs today and in the future.

3. Loan Application- It's crucial to supply the lender with as much information as possible, as accurately as possible. All outstanding debts as well as assets and income should be included.

4. Documentation - Paperwork supporting the application must also be submitted. Information commonly sought includes pay stubs, two years' tax returns, and account statements verifying the source of the down payment, funds to close and reserves.

5. The Hunt -Begin shopping for a house. Once you find the right one, the terms of the sale will be negotiated, including the price and potentially the terms of the loan being sought.

6. Appraisal - Lenders require an appraisal on all home sales. By knowing the true value of the home, the borrower is protected from overpaying.

7. Title Search - This is the time when any liens against the property are discovered. A lien may have been placed on a property to ensure payment of outstanding debts by the owner. All liens must be cleared before a transaction can be completed.

8. Termite Inspection - While most purchase loans do not require a formal inspection for termite and water damage, some loans (especially government loans) allow for the possibility. If problems are found, repairs may be necessary.

9. Conditional Approval – Once all of the information compiled has been submitted and reviewed we may have some more documentation to gather from the borrower in order to reach the final approval.

10. Final Approval – Once the investor decides everything needed has been gathered and the borrower still qualifies for the loan, we will reach our final approval.

11. Signing - During this step, final loan and escrow documents are signed.

12. Confirmation of Funding - The lender authorizes the disbursement of loan proceeds.

13. Closing - Documents transferring title will now be officially recorded by the County Recorder.

14. Congratulations, you are now a homeowner!

We are honored to be recognized as number 1 Lender in Missouri for USDA home loans. As one of the largest retail lenders in Missouri USA Mortgage.

USDA Loans are 100% financing which is backed by Department of Agriculture. The clients have to meet the income requirements and the property needs to be in an eligible location.

USDA loans have a very minimal MI (Mortgage Insurance) which makes them a very affordable home loan. You can apply online for USDA loans and we will have a pre-approval within 24 hours.

Call or email us for any questions.

Corrosion of metal parts and pieces is generally bad...unless your nick-name is "Rusty". When these metal pieces are components of an electrical system...It's time to get "Hot After It"!

In the magical world of electrical systems...corrosion equals resistance, and resistance equals heat generation by arcing and sparking. Corrosion can occur at electrical terminals, such as found in main service panels at the breaker lugs, or at receptacle (outlet) locations where the wiring is connected the fixture. Corrosion can result from the improper tightening of the lugs or screws fastening the conductive wire system to the fixture or breaker. If the lug is not tightening properly, then the arcing and sparking of the current across the gap (no matter how small) will generate heat and cause the loss of electrons from the surface of the metal parts. This loss of electrons from the metal surface is "corrosion" and causes a "crusty" surface to appear. The corrosion also causes a resistance to the proper flow of electricity through the electrical system, which causes increasing arcing, sparking, heat production and more corrosion. If the environment in which the electrical system is in has a high humidity level, like those found in vacant houses or with wet / damp basements, then the rate of corrosion is increased.

To reduce the risk of corrosion occurring along the electrical components, a qualified licensed electrician will properly tighten all connections and may also use an electrically conductive / anti-corrosion paste or jell at the connections. When corrosion is observed with existing copper wire systems, then contacting an electrician is an important first step in correcting or replacing the damaged parts. If corrosion is observed with existing aluminum wire systems, then the recommendation to contact an electrician is even more urgent!! Aluminum wire, when acted upon by corrosion and the increased heating of the wire in this location, will expand in dimension when heated, causing extreme pressure on the connection and then return to its normal dimension when the current is off. When the current is re-energized, the connection gap is likely to be somewhat larger, causing a larger arc or spark and more heat generated!!

Having a professional home inspector evaluate an electrical system for its current condition is recommended for protecting life, health and property. A little corrosion can go a long way to causing big problems!!

Happy Trails!!

We have previously blogged about our commitment to our clients and our goal to not only provide them with the best loan product possible, but also educating them on their entire real estate transaction in efforts to provide a well rounded product to all. In addition to this we try to keep our realtors informed of new loan products, changes in loan products, and continuing education on existing products. In 2012, Reza Abadi's office with USA Mortgage is making a commitment to take this education one step further. We have begun sending a monthly newsletter to all realtors in our area which will give us an avenue of constant contact allowing us to keep, not only realtors, but their clients constantly informed. Additionally, we will be providing brochures and packets to our realtors which will allow them to give pertinent literature to their clients before they enter into the loan process.

As always, contact us anytime with all of your general mortgage inquiries.

Calling all military personel, did you know that you can purchase a home with a VA Home Loan and receive 100% financing?  If you are a veteran, active duty personnel, Reservist/National Gaurd member, or a surving spouse, you may qualify for a VA Home Loan.   If you are uncertain whether or not you qualify just give us a quick call and we can help you determine eligibility. 

Here at Reza Abadi's office with USA Mortgage we pride ourselves in fully educating our clients and helping through the mortgage process using a step by step system.  Please contact us today with any questions in regards to VA Home Loans or any other general mortgage inquiry.