Interest Rates are constantly changing and for this reason I recommend using a Local Mortgage Broker to save time and money. Please refer to my direct contacts on the right side of this page for further assistance.
When a change occurs in the market having a mortgage specialist who knows our area market is key to assure you move into the right program at the right time to get that best rate!
There are many Internet Lenders which you can also refer to. Having a strong tie with a reliable good broker/lender is essential in a smooth real estate transaction.
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#1) Prequalification is the first step in the home buying process. What priced home can you afford to buy?
This means that the Lender will give you a loan if your financials (at a very high level) disclosed are verified.
Not necessary, but to have a GREAT prequalification letter a verification statement from the lender of your credit report, employment history, and/or source of down payment funds would assure a Seller that your offer should be a serious consider over all others!
#2) Preapproved is the next step and is sometimes done by the buyer before even finding a home, OR if a GREAT prequalification letter was already given, immediately after the Purchase & Sales Agreement has been accepted on a home you have found.
Use online MORTGAGE CALCULATER to see your loan possibilities.
#3) If the offer is Accepted you have 10 Days for a Home Inspection which is highly recommended.
Homeowners Insurance: A one year Paid Receipt must be shown or Paid at Closing.
Within 30 Days from the Acceptance a Commitment Letter must be approved and a Closing Date set.
Closing: the final meeting for all the paperwork to be reviewed/signed! Attending should be the bank representative, agents, buyers, and the sellers.
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NEWS!!!
ANNUAL CREDIT REPORT.com is the new official website that allows you to get a FREE online Credit Report once every 12 months from each of the 3 credit reporting companies via the Federal Free Credit Report Law passed by Congress in Sept. 2005.
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Never hesitate to ask questions about the home buying/finance process. I am always available directly at 978-667-2121 x121 or via email C21Susan@century21.com. I want to assure you are comfortable and understand every step along the way!
