| Getting
pre-qualified |
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| "Most Real Estate agents and Lenders recommend that home buyers get
pre-qualified with a lender before selecting a home to purchase.
This way you will have the best information about the price you
have chosen." |
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Reasons to get
pre-qualified... |
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With pre-qualification, you can
determine which loan program best fits your need and which
program you qualify for.
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You will know exactly how much you are
qualified for. It's no fun to find your ideal home and then
realize that you can't afford it.
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Your monthly payment will be set. This
will allow you to budget you money before making this large
investment.
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It shows you what the down payment and
closing costs will be.
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If you are a first-time buyer, you may
be able to qualify for a special first-time buyer program
which may allow you to afford more home for your money.
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| Stepping
through the loan process |
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Pre-qualification/approval
/ interview
Application interview Lender obtains all pertinent
documentation
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Order documents
Credit report, appraisal on property, verifications of
employment
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Loan submission
The loan package is assembled and submitted to the
underwriter for approval
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Documentation
Supporting documents come in
Lender checks on any problems
Request for any additional items are made
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Loan approval
Parties are notified of approval
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Documents are
drawn
Loan documents are completed & sent to title
Borrowers come in for final signatures
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Funding
Lender reviews the loan package
Funds are transferred by wire
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