The Loan Process
An overview of the loan process
Make no mistake, there's a lot involved in getting a mortgage loan. You wouldn't be here on our website if you could fill out a one-page application and get the best loan for you funded the same day. What we do is most of the heavy lifting for you, so you can concentrate on what's important -- preparing to move into your new home, saving money, or making plans for your home equity line of credit.
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There are three main steps involved in getting a loan. These steps will determine how much you can borrow for your home loan and they will pre-qualify you so you can make the offer you want for the house you like. You'll see that we've made your part in them as easy as possible, and we do all the work! That's what we're here for.
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The down payment is the minimum amount required by your home loan bank that you need to put towards the total amount cost of your home. It can usually be between 5-20 percent depending on the type of home loan you choose. The amount you have available for a down payment will affect what types of loans for which you can qualify. We have a few tips and advice for you to follow that will help you save for your down payment.
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Before deciding on loan terms, lenders need to know two things about you: your ability to pay back the loan, and your willingness to pay back the loan. For the first, they look at your income-to-debt obligation ratio. For your willingness to pay back the loan, they consult your credit score.
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Closing costs are fees paid at the closing of a real estate transaction when the title to the property is conveyed to the buyer. Closing costs are incurred by either the buyer or the seller. There are certain standard costs associated with closing the sale of a house. These fees are split between the buyer and the seller, as spelled out in the sales contract.