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Author: Robert Norman
Article Source: MiNeeds.com, where consumers get competitive bids from Mortgage Lenders/Home Loan Providers. Read reviews, compare offers & save. It’s free!
Article Link: http://www.mineeds.com/Seattle/BOSTON-YARD-Home-Lawn-LLC/Articles/The-Process-of-a-new-Home-Loan
Tags: Mortgage Lenders / Home Loans
I am asked many questions regarding a refinance and new home purchase but one that seems to be prevalent is the basic process of a home Loan, so I thought I would take some time and explain the process a bit. Although the Loan Industry is always changing; the basic process of acquiring a refinance or new home loan remains to be the same. Robert Norman/Academy Mortgage Corporation.
First Time Home Buyer:
1. The first step in getting ready for buying a new home is to take inventory of how much you will put down and if there are any first time Homebuyer programs offered by the government to aid you in your purchase. The best way to do this is to find a reputable Loan Officer who will take some time with you and ask all the questions needed to give you a solid answer for your situation. Your LO (Loan Officer) will collect information about your income, debt and pull your credit. This is the qualifying stage. Once the LO has seen that your Debt to income ratios are where they need to be, they have prequalified you for purchasing a home.
2. The next step is to get together your documentation and the preapproval Letter. The LO will ask for a list of documentation that will support your financial situation (Paystubs, bank statements, tax statements, copy of drivers license etc.) Then the LO will issue you a Letter which is called a “Preapproval Letter”. This letter says how much money you qualify for and that the bank will stand behind you in the process to funding and closing your loan.
3. The third step is to take your preapproval letter to your Real Estate Agent and start looking for a home within you price range according to the letter issued. The agent will know you are serious and will use all their resources to find you the property you desire.
4. You find the property you want and make the offer to the seller. The seller accepts your offer and you then contact you’re LO to let them know you have found a property. The LO submits your loan to the bank.
5. You get approval and sign papers in 30-45 days. However, if you are trying to qualify for a Government credit, like the current $8000 for First Time Homebuyers expect a 2-3 month delay as the process takes time and many applications are being processed at once.
Refinance:
1. The first step is to find a reputable Loan Officer. The LO will take time to calculate your debt to income ratios and learn about your current mortgage. The LO will determine whether or not you qualify for the refinance.
2. Then the LO will gather all your documentation needed and submit it to the bank.
3. The bank approves you and you sign papers in a couple weeks!
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The Process Of A New Home Loan
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