Demystifying Property Loans
If you haven’t experienced it before, the property loan process can feel overwhelming, but I will help you stay informed throughout the process, from pre-approval to closing. The first thing to do is consult with a mortgage specialist (or two). If you don’t already have someone in mind, I partner with some of the best lenders in the industry, and I’d be happy to introduce you, so you’ll be taken care of.
Before you start looking for a property to buy, it’s a good idea to meet with your Loan Officer to get pre-approved for a loan amount. At this stage, the lender gathers information about income, assets and debts of the borrower (you) to determine how much property you may be able to afford. This includes a credit report, W-2 forms, pay stubs, Federal Tax Returns and recent bank statements. There are a variety of different loan programs, so make sure to get pre-qualification for the specific programs that best suit your needs.
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Application & Processing
What happens when a loan goes “live”
When you find property you’re ready to buy, your lender will help you complete a full mortgage loan application, and talk you through the various fees and down payment options. The application is submitted to processing, where the documents are reviewed and appraisals and title examination are ordered. Then the loan is sent to an underwriter, who reviews and approves the entire loan if it meets compliance.
Signing and Finalizing the deal
Don’t be surprised if you’re asked for additional documentation or clarification throughout the process. Once your loan is approved, don’t forget to set up property-owners insurance. Your documents will be sent to the title company, where you’ll sign for the new property and pay any remaining costs. Then the loan is recorded and you get the keys. Congratulations, happy property-owner!