Understanding The Home Mortgage Process
You're ready to buy your dream home, your first home or that vacation home, and need assistance. To make that dream come true you may need a mortgage loan. A mortgage loan is used by home buyers to acquire funds to buy real estate.
The North Atlanta Home Mortgage Process in acquiring a loan includes the following
1. Financial pre-qualification or pre-approval - This helps you lock in a rate, know what your home payments will be, while being presented to the home seller in a positive light. Steps include
- application and interview
- buyer provides pertinent documentation, including verification of employment
- credit report is requested
- appraisal scheduled for current home owned, if any
Now your ready to begin your Home Search
2. Underwriting - Your loan package is submitted to the underwriter for approval. This occurs between days 21 or 30.
3. Loan Approval - Once approved you will receive a formal authorization to get the loan from the bank. All parties are notified of approval and the loan documents are completed and sent to the title company.
4. Title Company - A title company becomes involved by examining and insuring title claims for real estate, on behalf of its customers. A title exam, insurance, and title survey will be conducted. And you (the borrower) come into the loan company for final signatures (or at settlement).
5. Funding occurs when the lender reviews the loan package and funds are transferred
During the North Atlanta Home Mortgage Process, keep in mind "The 10 Commandments When Applying For A Mortgage"
1. Thou shalt not change jobs, become self employed, or quit your job.
2. Thou shalt not buy a car, truck or van (or you may be living in it!).
3. Thou shalt not use charge cards excessively or let your accounts fall behind.
4. Thou shalt not spend money you have set aside for closing.
5. Thou shalt not omit debits or liabilities from your loan applications.
6. Thou shalt not buy furniture.
7. Thou shalt not originate any inquiries into your credit.
8. Thou shalt not make large deposits without first checking with your loan officer.
9. Thou shalt not change bank accounts.
10. Thou shalt not co-sign a loan for anyone.
For more information on the North Atlanta Home Mortgage Process, contact The Mary Ellen Vanaken Team - Keller Williams Realty North Atlanta. 5780 Windward Parkway, Suite 100 Alpharetta GA 30005 www.northatlantaluxury.com 678.929.6529
Understanding The Home Mortgage Process
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