Applying for a Mortgage (Important Info  + 6 Steps)

Applying for a Mortgage (Important Info  + 6 Steps)

Even if you are not buying an investment property and could afford to buy the house in cash, there are still valid reasons to apply for a mortgage.

It is really a process, and each step has a few things that need to be done by you, the borrower.

Pre-Approval

First, a loan officer will ask you some questions and get basic verification of your income and credit score.

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Getting a Property Under Contract

Getting a Property Under Contract

Getting a Property Under Contract

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Getting a property under contract is a prerequisite to moving forward with the lending process because the bank will need to consider the property you are buying.

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Application

Most lenders will use what is called a 1003 Uniform Residential Loan Application.

The underwriting process is where the lender seeks to understand you and the property as a borrower and get comfortable giving you a loan.

Underwriting

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Once the loan commitment is issued, sometimes borrowers relax and maybe buy a car, get another loan, or open a credit card.

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Loan Commitment

Closing

Getting to the closing table can be an exciting and nerve-racking time for a buyer. But, buying a house is a big deal, so that is understandable. Celebrate.

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