What to expect during the loan process.
Like any concerned homebuyer, you’ll want to become familiar with the cost and availability of mortgage options; after all, it’s in your best interest to choose the plan and budget which best meets your needs.
Mortgage preapproval can be accomplished quickly and easily. Because it involves completing the loan application and credit review stages, it lets you know how much home you can afford. This will allow you to be several steps ahead in the mortgage process when you’ve found the home of your dreams.
To begin, with your mortgage consultant will collect all the information required to process your loan. The necessary documentation will depend on your selected loan program as well as your individual financial credit and profile. Remember the better your credit score, the lower the interest rate may be.
You’ll be relieved to know that today’s approval process is much easier and faster because of automated underwriting, which simplifies document requirements, resulting in speedier approvals. Naturally, your income, credit background and financial history are extremely important, but remember that trained underwriters are also on the job to find a loan that is just right for you.
Prior to closing, your home mortgage consultant will advise you on the necessity of providing certain insurance and real estate-related documents. Additionally, the consultant will explain the closing procedure and alert you to any required fees, which usually vary depending on where a home is purchased. Finally, you’ll learn the precise amount of money needed for closing and if you need to bring any additional documents.
Simply put, the closing is a legal procedure where ownership of the property is transferred from the seller (home builder) to you (home buyer). On this scheduled date, you now take ownership. Typically, a title agency representative, depending on area requirements, conducts proceedings. The closing is also a final distribution of funds and paperwork as agreed upon by buyer and seller. Better Built Homes wants your home buying experience to be the very best it can be. That’s why we will always be there to advise and guide you right up to the moment you step through the doors of your home.