Home Buying and the Mortgage Loan Process

In: Other Topics

Submitted By jrv824
Words 1144
Pages 5
There are many specialists behind the scenes that make it possible for you to purchase your home including – realtors, inspectors, title insurer, insurance agent, appraiser, and the attorney. On your mortgage team, you will meet your processing specialist, while the underwriter, closer, and any other investors or government agencies that might be involved in your loan process are working on your file. The normal mortgage loan process takes between 30 and 45 days from application to closing. When you begin planning for a home purchase, you will need to meet with a banker and get pre-qualified, then find just the right home, obtain your mortgage financing and complete all of the home inspections, and close on your new home. You will start the complete purchasing process with a trip to the bank to speak with a loan officer to get pre-qualified, which consists of going through an interview and documentation process. The banker will ask questions such as whether this will be your first home, primary residence, or whether you have a house to sell before you plan to close on a new one. The bank will require you to fill out a mortgage loan application. You will need to supply the bank with pay stubs and other income documentation, bank statements and retirement statements, picture identification, and your social security number among other things. Then the lender will review all the information that you have provided and help you to determine how much money you can borrow and what your best loan options will be. Now you are ready to start the fun and stressful part of house hunting and determining what your needs and wants are in a home for your family. You will need to interview several realtors and get referrals from friends and family or possibly your banker so that you can be sure you are working with a consummate professional ready to serve you. After choosing your…...

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