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
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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I've been saying this for a couple years! And you wonder why bids are so high, why you have to schedule vendors weeks out and why jobs frequently take longer and cost more than originally expected