Many people fear the opportunity of buying a new home because they don’t know the process. While the process might seem long and tedious, this is what keeps you well informed about your mortgage. Your mortgage lender in Delray Beach must also do some background information on you to make sure you are who you say you are. When trust and understanding happens on both sides of a mortgage, you can be secure in your relationship with your lender. There are 12 steps in the mortgage loan process, making each loan specific to the individual and home.
- Prequalification: The lender must get your income and debt information to see how much you can pay for a home.
- Mortgage Programs and Rates: You, the buyer, must think about how long you want to keep the home. This will help configure the rates associated with the property.
- The Application: Once both parties are on an agreement of what is the best loan, the applicant must fill out the application.
- The Loan Estimate: After the application, you will receive more information about the mortgage you have applied for.
- The Intent to Proceed: Depending if you want to move forward with this mortgage, you must contact us to keep the process going.
- Processing: All the information on the application is being verified.
- Required documents: Like after going through the application process with a job, you must fill out paperwork, this is similar with a mortgage. W-2s and paystubs are common here.
- Credit Reports: Depending on your credit score, your interest rates are determined for paying back your mortgage loan.
- Appraisal Basics: The collection of information that is needed to file a report for the valuation of the home you are attempting to purchase.
- Underwriting: the process of checking the documents and verifications to make sure the loan is acceptable.
- Closing Disclosure: all the information about the mortgage is provided to you three days before the mortgage is closed. This allows you to ask any questions before the deal is done.
- Closing: After you approve of the loan and sign the documents, the loan is funded.
Normally this process takes about a month to complete. While it may seem like a lot of time, your mortgage is one of the biggest loans you will inquire over a lifetime. By taking your time through this process in Delray Beach, you can ensure you are getting the best deal for your ideal home. If you want more information about our mortgage services, contact us at (954) 777-4774. Here at Ace Mortgage Loan Corporation, we would be glad to answer any of your questions or concerns.