Guide To Mortgage Process

Dated: 08/08/2018

Views: 271

When getting ready to buy a home, it can be surprising how much paperwork is required to be approved for a mortgage. These terms will provide you with a basic understanding of what happens between first contacting your Realtor and finally holding the keys to your new home. 

Pre-approval - In today's fast-moving seller's market, you will probably want to be pre-approved by a mortgage lender and not simply be pre-qualified. Which is quicker and easier to obtain. Sellers definitely favor offers from buyers who are already pre-approved, which puts you a step closer to obtaining your actual mortgage. 

Approval process - Once your offer is accepted and the lender starts the paperwork, both an appraisal  and an inspection of the property will be scheduled. 

Post-approval - After the mortgage receives final approval, the loan documents will be ordered and closing costs will be calculated. Whether this is your first home-buying purchase or your fourth, you'll experience the excitement of investing in your family's future. 

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