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Real Estate 101
Loan Pre-Qualification
You can save yourself a lot of time and frustration if early on in the house-hunting process you make the effort to get pre-qualified for a home loan from a lender. Most Real Estate Agents and Mortgage Lenders will advise that prospective home buyers get pre-qualified with the lender of their choice before selecting a home to purchase — or even before beginning to look for that home. Pre-qualification ensures that you will have the very best information about the price of the home that you can afford and will provide you with many other benefits, including:
- You will know from the outset exactly how much of a loan you are qualified for. It is extremely disappointing and frustrating to find your dream home and then discover that you cannot afford it.
- With pre-qualification, you can determine which of various loan
programs best fits your needs, and which of these programs you
qualify for.
- Your monthly payment will be set. This will allow you to budget your money before making this large investment.
- It shows you what the down payment and closing costs will be.
- If you are a first-time buyer, you may be eligible for a special first-time home buyers program which may allow you to afford more home for
your money.
Let's step through the Loan Process in order to gain an understanding of this very important procedure:
- Pre-qualification & Interview — Application interview, and the lender obtains all pertinent documentation
- Order documents — Credit report, Appraisal of property, Verifications
of employment
- Loan submission — The loan package is assembled and submitted to the Underwriter for approval
- Documentation — Supporting documents come in
- Lender checks on any problems — Often requests for additional items are made
- Loan approval — Parties are notified of approval
- Documents are drawn — Loan documents are completed and sent to Title; Borrowers come in for final signatures
- Funding — Lender reviews the total loan package; Funds are
transferred by wire
Please call or with any questions you may have and we will do our very best to serve you. Thanks for visiting our site and we hope to hear from you so that we can work together to find you your dream property.
 
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