So you’re interested in getting a mortgage but want to find out which type of loan is better. FHA loans or Conventional loans? These loan programs are very different. Choosing the right mortgage
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.