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Loan Application Checklist...
For many buyers, applying for the mortgage loan is one of the most stressful and confusing aspects of buying a home. The loan application process should not become a stressful time. By following a few easy steps, you'll sail through the loan application process with no major problems. It is important to ask your Realtor for a list of his/her preferred lenders, which most likely will make the process less stressful. Establishing a good relationship with the professionals involved in the home buying process is the key to help every transaction to go smooth. it will also help the buyer to achieve his/her desired goals.
Remember that everything is negotiable! Make sure you talk to at least 3 lenders and make them compete for your business...
So, get your notepad and take good notes. The following checklist will help you have a smooth loan application...
1. Make a list of any questions you have about the loan program. Do not be afraid to ask questions. This is probably the most important transaction investment you will ever make. Be sure to understand the advantages and disadvantages of the various mortgage programs for which you may qualify. Some questions you may want to ask are:
What is a Loan Origination fee?
Can you lower your Origination fee?
What is a Discount Point?
What is a PMI? Is it a requirement?
What does it mean to "Lock the Rate"?
These are some examples of some important questions to ask. Make sure you request a "Good Faith Estimate Sheet", and show it to your Realtor. He/she will make sure that you are not being charged too much or that there are no unnecessary fees.
Gather your paperwork.
Loan Application Checklist
Hope this information is useful for you. Please call or send us an email if you have more questions and if you would like a list of our preferred lenders.
Thanks,
The Soto & Ferreira Group
(Photo courtesy of Purpleslog's photostream)
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