Mon 26 May, 2014 12:59 am
what are the steps involved in the mortgage process?
After finding the house, go to the bank and ask for the loan officer. Really, your real estate agent knows all about this.
The home mortgage process is felt as daunting one for the new home buyers, but no need to worry just follow these steps:
Pre-qualification is a must as this process helps to know what they can afford.
Decide a loan program and submit all personal documents.
You have to choose to lock their interest at the time of application.
Wait for approval process.
On closing day sign all the required documents.
For finding or getting a better loan or finance, try to take help from a finance adviser who will give you a better advice in every single and basic process.
Don't worry about all this,your broker will take care about everything regarding all the formalities of property dealing.
Following are the steps involved in mortgage:
Pre-Approval, Full Application, Submitted to Processing, Submission to Underwriting, Underwriting.
Steps in the Mortgage Process:
Pre-Approval- provide all income and asset documentation to determine mortgage qualification
Submitted to Processing
Submission to Underwriting