Mortgage loan process comes under the various levels of process such as pre-approval (Pre-Planned), house shopping; mortgage application, loan processing, underwriting and closing.
Basically easy way to approach a real estate agent is with lender Pre-approval in other hand. It is the evidence shows you are ready to buy. Pre-approval don’t take that time it must be deal with credit score and credit history.
http://localservices.sulekha.com/loan-service-in-san-diego-ca here find the best loan servicing companies.
Next step is Mortgage pre-qualification, it is somewhat different from pre-approval, a pre-qualification checks the person’s actual ability to get a loan.
House shopping: it goes under the online search, with various website like Zillow, Hotpads, Sulekha.
Make an offer with these online websites and make a perfect offer for your dream home.
Next important process is Mortgage loan application process:
Mortgages goes under the different kinds of verification such as Employments, Income, Assets, Debts, Property information, Financial depended, your mortgage goes under which type like Forward or reverse, Fixed or adjustable, Government insured: VA, FHA, USDA, Conventional, Jumbo.
http://localservices.sulekha.com/loan-service-in-san-francisco-ca Get contact details for professing loan places in san Francisco.
Estimate the loan value with professional loan companies and loan places nearby you.
Mortgage loan processing:
Order credit report (if not already pulled for a pre-approval)
Start verifying employment (VOE) and bank deposits (VOD)
Order property inspection if required, Order property appraisal, Order title search, next stage it goes to the mortgage underwriting which comes under the Underwriter decision, Lock interest rate, Pre-Closing.
Final stage is Mortgage closing Process:
Three-Day Review Period, Final Walk-Through, Closing Meeting.
Here list of best loan companies http://localservices.sulekha.com/loan-service-in-los-angeles-ca
Key closure documents are closing disclosure, Promissory Note, deed of trust, Certification occupancy.
Main tips: Read twice or thrice be sure to read all documents. And ask questions about all doubts! Lastly, don’t sign any forms with blank lines or space (must confirm everything)
