This is great information about how purchase loans are made. It comes from Rich Hebert at Lending Edge Morgage. Enjoy!
How Purchase Loans Are Made A Step-By-Step Walkthrough
- Pre-approval - Get pre-approved for a mortgage and know in advance exactly how much house you can afford. Completing this step will also increase your negotiating power since you'll be viewed as a "cash buyer".
- Loan Search - Put yourself in the hands of an experienced mortgage professional, someone who will help you to determine which financing options best suit your needs today and in the future.
- Loan Application - It's crucial to supply the lender with as much information as possible, as accurately as possible. All outstanding debts as well as assets and income should be included.
- Documentation - Paperwork supporting the application must also be submitted. Information commonly sought includes pay stubs, two years' tax returns, and account statements verifying the source of the down payment, funds to close and reserves.
- The Hunt - Begin shopping for a house. Once you find the right one, the terms of the sale will be negotiated, including the price and potentially the terms of the loan being sought.
Read more at the link below, and contact Rich here.
Download how_purchase_loans_are_made_step_of_the_loan_process_rich.pdf
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