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| 1. Mortgage Preapproval |
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A verbal application is obtained. The credit bureau is reviewed
as well as faxed copies of pay stubs, bank statements and other
pertinent information. Rates, payments and down payments are
discussed to come up with an appropriate program for the customer.
The size of the loan is then determined based on the applicants
eligibility and desired payment size. The house value range
is then determined based on loan size and down payment.
A written pre approval is then prepared and faxed to the customer
and/or realtor. This will be required when making an offer to
purchase. Click
here to start prequalification process. |
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| 2. Finding a Home |
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The home search begins with a realtor in most cases. They
deliver information on as many properties as is necessary to
find the buyers' dream house. The most interesting ones will
be viewed in person. When the dream house is found an offer
is made using a real estate contract (filled out by the realtor
or the attorney). Earnest money is given at this time and the
contract then must be accepted by the seller. |
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| 3. Inspection/Appraisal/Disclosures |
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The contract is reviewed/revised by the buyers' attorney.
Inspection is ordered by the buyer (Inspectors are usually obtained
through the realtor). Loan disclosures are prepared by the mortgage
broker and signed by the customer. The appraisal is ordered
by the mortgage broker. |
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