Applying For A Loan

Getting a pre-approval is the first step in the loan process.  Feel free to talk to us first about your purchase and investment needs 

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1 – Create a list of questions for your lender.

What is the best loan program to fit your needs?   Some lenders offer 95% financing.  Others offer fha financing with high monthly mortgage insurance expenses.

What is the lowest rate they can offer you?

What are the fees associated with the loan?

What is the best loan program to fit your needs?

Is there mortgage insurance?

Are there first time home buyer loan/ bond programs available to you?

How long does it take for them to close the loan?

2 – Should you lock your loan today?

Interest rates vary and you may want to watch the market accordingly.

Keep in mind that if you are placing an offer on a short sale, you may not want to lock your loan right away.

3 –Get your paperwork to your lender immediately

If you get everything to your lender in a timely manner, it will make your file easier for your lender to work on.  Your lender should be a partner on your team for the home purchase project.  Keep a favorable relationship and respond to their requests in a timely manner.

 

4 –Anticipate that it is going to take a bit of effort to work through the loan process.

The number one complaint I hear from buyers is that the lenders keep coming back for more paperwork.  Be prepared for this!  It is time consuming for them to ask and collect the paperwork to give it to another department.  They don’t simply ask because they like asking.  Keep this in mind and keep a friendly demeanor.

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