|
Finance
Finding that perfect home is only half the battle when buying a home. Taking time to secure your financing pre-approval will not only help you to feel confident that you are looking for a home in your price range but will give you the advantages of knowing that your offer may be more seriously considered above other offers because you have been pre-qualified. In addition, it will help to speed up the closing process and you will be completely aware of what kind of out-of-pocket funds will be needed to close. Contacting a professional mortgage consultant will help you to determine what you can afford based on your income, monthly expenses, time of employment, creditworthiness, etc.
The following is an example of what you can expect during the process of financing your new home.
- Submit application to mortgage professional
- Mortgage professional will provide a good faith estimate of costs
- Mortgage professional will Review of Truth in Lending statement
- Mortgage professional will advise you of the Loan pre-approval
- Mortgage professional will do a verification of employment, funds and credit worthiness.
- Mortgage professional will submit your loan application to underwriting for processing
- The title work will be ordered and completed
- Closing will be scheduled
- Closing documents prepared
- Closing documents reviewed with buyer and seller
- If required, buyers will obtain certified check for down payment and/or closing expenses
- Buyers provide paid receipt for homeowners insurance policy
- Closing takes place
- Documents signed
- Proceeds of sale dispersed
- Buyer takes possession (Yeah!)
|
Home