steps to getting a mortgage loan
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The best way to do that is to get prequalified for a mortgage. To get prequalified, you just need to provide some financial information to your mortgage banker, such as your income and the amount of savings and investments you have. Your lender will review this information and tell you how much we can lend you.
Mortgage pre-approval is an evaluation by a lender that determines if you would qualify for a home loan. It also shows how much the lender would be willing to lend you. Getting pre-approved is the first step towards getting a mortgage, but it does not guarantee a loan.
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The next step in the much-ballyhooed underwriting process can vary a great deal depending on your loan officer and lender. The mortgage lender and loan officer you choose, the type of loan you need, and the general level of detail you’ve put into gathering your documents will play a large part in determining your personal level of underwriting discomfort."
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If the computer system prompts you for information you don’t have in the loan file you received, contact the loan officer as soon as possible so you can get this information filled in. The computer system will generate deadlines for various processing steps to be completed, and may send you reminders when a deadline is approaching.
Steps to Getting a Mortgage Loan 1. Preapproval. 2. The offer. 3. loan application. 4. rate locking. 5. loan processing. 6. closing.
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Mortgage Loan Qualification . Before house-hunting ever begins, it is good to know just how much house the borrower can afford. By planning ahead, time will be saved in the long run and applying for loans that may be turned down and bidding on properties that cannot be obtained are avoided.
With all the people, paperwork and time-intensive steps involved, getting a mortgage can seem a little like running an obstacle course. But if you take the time to understand the homebuying.