Loan Processes

When To Get Qualified

Even if you’ve not picked out homes to visit yet, it can be important to check in with your mortgage professional first. Why? It might be hard to fathom how we can help even before you start to talk about prices and negotiations.

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Loan Application Info

Information that will be needed for your loan application

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Loan Checklist

Once your loan has headed into its processing and underwriting stage, your  loan processor will ensure that all runs efficiently and quickly.  Below we detail the steps you can expect to take toward closing.  To help expedite the process, you may wish to arrange for the following items to be on hand, should they be necessary: An appraisal report will be ordered.  When the appraiser contacts you, please set an appointment as soon as possible for a convenient time.  Your loan processor…

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Purchase

Congratulations on your decision to purchase a new home! With our assistance, the process should be an efficient, pleasant, simple and ultimately rewarding experience. While shopping for your dream home; 1. Determine what criteria you are looking for, such as: price, size, proximity to local schools, etc… 2. View the homes that suit your needs as you have defined them. 3. Determine which homes best suit your needs. List these in order of most desirable to least desirable. 4. Negotiate…

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Your FICO Score

Scoring your Credit – How’s your FICO?   In today’s increasingly automated society, it should come as no surprise that when you apply for a mortgage, your ability to pay can be reduced to a single number. All the years you’ve been paying your mortgage, car payments, and credit card bills can be analyzed, sliced, diced, spindled and mutilated into a single indicator of whether you’re likely to meet your future obligations. All three of the major credit reporting agencies…

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Rates and APR

What is the difference between the interest rate and the APR? You’ll see an interest rate and an Annual Percentage Rate (APR) for each mortgage loan you see advertised. The easy answer to “why” is that federal law requires the lender to tell you both. The APR is a tool for comparing different loans, which will include different interest rates but also different points and other terms. The APR is designed to represent the “true cost of a loan” to…

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Fixed Vs. Adjustable

Fixed Rate Loans versus Adjustable Rate Loans With a fixed-rate loan, your monthly payment of principal and interest never changes for the life of your loan. Your property taxes may go up (we almost said down, too!), and so might the homeowner’s insurance premium part of your monthly payment; but generally with a fixed-rate loan your payment will be very stable. During the early amortization period of a fixed-rate loan, a large percentage of your monthly payment goes toward interest,…

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Escrow

To finalize the sale of a home, a neutral third party (the escrow holder, a.k.a. escrow agent) is engaged to ensure the transaction will close properly and on time. The escrow holder ensures that all terms and conditions of the seller’s and buyer’s agreement are met prior to the sale being finalized, including receiving funds and documents, completing required forms, and obtaining the release documents for any loans or liens that have been paid off with the transaction, assuring you clear…

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Title Information

Before you reach the closing day, you will want to make a decision as to how you will “hold title” to the property. This decision has legal, tax and estate planning ramifications. Therefore it may be prudent to consult an attorney or certified public accountant (CPA). The following information is supplied for informational purposes and should not be relied upon as legal advice. Buying Alone Sole Ownership A single individual who has not been legally married. An unmarried individual who was married…

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