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Home
Mortgage
We'll
start the process of buying a home or investment by
defining your goals and determining your buying power;
that is, your financial reserves plus your borrowing
capacity. With some basic information about your
available savings, income and current debt, I'll refer
you to a lender best qualified to help you.
The
Loan Process:
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Pre-Qualification
Pre-qualification occurs
before the loan process begins. The lender
gathers information about the borrower's income
and debts to make an informal financial
determination about how much house the borrower
may be able to afford. |
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Application
The application is actually
the beginning of the loan process and usually
occurs between days one and five of the loan. The
borrower completes a mortgage application with
the loan officer and supplies all the required
documentation for processing.
You
will need:
- Tax returns for
the last two years
- W-2's for the last
two years
- A list of your
employers for the last two years &
contact information
- A current paystub
(within last 30 days)
- Current bank
statements on all accounts
- A list of all
outstanding debts
- Verification of
social security number
- Verification of
child support or alimony payments made or
received for the past twelve months, if
applicable
The
loan officer will discuss fees and downpayments
which will be itemized on a Good Faith Estimate
and a Truth-In-Lending statement.
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Processing
Processing begins when you
submit the application and takes at most 20 days.
The processors job is to put a package together
that can be underwritten. The processor reviews
your credit reports and verifies debts. A written
explanation may be required if there are any late
payments, collections, etc. |
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Underwriting
Underwriting may take up to
ten days. The underwriter determines whether the
combined package is an acceptable loan. If a
question arises about the package it goes into
"suspense" until further documentation
is supplied. |
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Closing
At the closing, the lender
funds the loan with a cashiers check, draft or
wire to the seller in exchange for the property
title. The process is complete, and the buyer
owns the house! |
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James E.
Bohne, Jr., REALTOR®
Mobile: (801) 791-9579
Office: (801) 476-9500
Fax: (801) 476-9581
E-mail: j.e.bohne@att.net |
Crest Realty
Inc.
Equal Housing Opportunity.
Equal Opportunity Employer. |
Copyright © 2005,
James E. Bohne, Jr., All Rights Reserved
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