How to Get a Home Mortgage in Nebraska

Home prices in Nebraska have doubled over the past two years. Arm yourself with the right knowledge and step into this terrific market. With a little help, the home mortgage process can progress smoothly. Follow these steps to get a Nebraska home mortgage loan.

Instructions

Difficulty: Easy

1. Get a copy of your credit report before applying for a home mortgage loan. Make sure any errors are corrected, as erroneous information could stall your loan application.
2. Shop for a lender and rates from credit unions, online lenders, banks and mortgage brokers. Mortgage brokers in Nebraska do not have to be licensed, so proceed with caution.
3. Closing costs in Nebraska will tend to be smaller because there is no mortgage tax.
4. Examine several homeownership assistance programs offered by the State of Nebraska and federal government for low-income buyers, single parents, senior citizens, veterans, disabled and rural home buyers.
5. Review these government websites and see if you are qualified for homeownership assistance:
   • Nebraska Homeownership Overview
   • USDA Nebraska Rural Development programs
   • Nebraska Homeownership Assistance programs
6. Get pre-approval from the lender of your choice. Bring your financial information such as proof of employment, tax returns, etc., as well as any other lender-specified documents.
7. Select a reputable licensed realtor and search for your new home.
8. Find the home of your choice, and then complete the home mortgage loan application with your lender. Submit a formal offer on the house.
9. Pay all closing costs, attorney fees, and realtor fees at the time of closing. The lender will provide you with a schedule for repayment of the mortgage loan.

Tips & Warnings

• Shop around for the lowest interest rates and best terms that fit your budget. Even one quarter of a percent can mean thousands of savings over a 30-year mortgage.
• Have your potential home professionally inspected. Have them look for problems that may exist before the deal is finalized.
• Do not let a real estate agent pressure you to buy a certain home, as they may have another agenda.
• Do not pay a lender to apply for a loan. No reputable lenders engages in this practice. Watch out for predatory lenders, those orgaizations that intentionally coerce consumers into contractual loans with unusually high payment terms and interest rates, often directed at uninformed borrowers or those with poor credit.
• If you are worried about your lender, select an attorney experienced in real estate transactions to represent you. The attorney will also review the title to the property to be purchased to make sure the title is clear of liens, etc.