The Mortgage Process |
Understanding the steps in getting your loan. |
The Loan Process is comprised of many steps that start with being pre-qualified (for a purchase) or the Loan Application (for a refinance) and continues until your mortgage loan is closed. Most people today are pre-qualified because it helps them to negotiate a better deal on their home purchase. Being Pre-qualified is a smart place to start because it lets prospective sellers know you have taken appropriate steps to possibly buy their home. In their eyes you have become a "cash buyer". In many situations by being a "cash buyer" you are able to negotiate a better price since the seller is able to see that you are qualified for their home and would be able to close on it sooner. You can also take this process one step further by being "Pre-Approved" prior to shopping for your home. This puts you in an even better position, especially in today's market. We will ask you many questions to help determine the best type of mortgage financing for you and your particular needs. Then we will figure out, based on your financial position, the amount of mortgage you qualify for. We will take into consideration the term of the loan, the interest rates available and your unique financial situation. You will receive a "certificate" or "letter" stating the amount of loan you are qualified for with its terms. Your credit report will be reviewed with you and begin the application process. |
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