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Leah TenBieg

The loan process put simply

Wednesday, September 27, 2017 - Article by: Leah TenBieg - Prospect Financial Group, Inc. - Message

There is no doubt that a refinance or new home purchase might be confusing to someone who is just entering the market. Read below to get a better understanding of the mortgage lending process.

First things first

It's a great idea to consider all options when it comes to choosing a mortgage loan officer. When you are looking for one, be sure to let each one know your credit score. Depending on the lender, one might be able to benefit you more if you have credit issues. Also, it's imperative to ask questions. For example, you will want to know which programs each lender offers. A helpful hint when looking for the right loan officer is to bring as much documentation to the table as early on as possible. This will help your prospective loan officer determine which program can benefit you the most, which will give you a better idea of which loan officer you want to work with.

Your documents and application

Once you feel comfortable with your decision on which loan officer you want to help with your home finance needs, it's time to get your application and documents in. It may seem like your loan officer is asking for a lot of documents, but be sure to get them in as soon as possible before your desired rate changes. This step is tedious, so don't be afraid to ask your loan officer for help. Make sure each answer is filled out correctly, and be aware that your application is protected by the federal law. The quicker you submit your documents, the smoother your loan process will be.

Your loan estimate

After you have turned your application in to your loan officer, you will shortly receive your loan estimate. Take a good look at this, because this is an estimate of your mortgage loan terms and closing fees. Try to imagine paying the monthly payments each month to determine if this is something that can be done realistically in the future. You are not required to accept it. Look around for other options if this is not something you are happy with.When you have decided that you are ready to sign the final documents, you will be advised on how to proceed with the closing. As mentioned before, be sure to ask as many questions that pop into your head. It's smart to know exactly what is going on and this will prevent miscommunication.

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