The Loan Process

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You have decided that you want to get a mortgage on your house or refinance an old one. What do you do now? First off, you need to do pick a Loan officer. The loan officer will be the person who will be the one who will help you decide which loan program will work the best for you as well as contact you for information and necessary documentation. Shop around, see which loan officer will offer you the best rates and will be the easiest to deal with. A Loan officer might quote you an unbeatable rate, but if they drag the process out for months and months, it is not beneficial to you. A good loan officer will work with you to get you the right product for your scenario and not charge you excessive fees to get the job done.
After you have selected your loan officer and have settled on the product you want, you will move on to the next stage of the loan process. The loan officer will ask you for documentation of your finances. These include your paystubs, your tax returns, and bank statements. The purpose of this is to prove your credit worthiness to the investors who have set up specific guidelines as to what is required. It may seem invasive, but during the loan process, the loan officer will only ask you for what they need and nothing more, once again, what is needed is determined by the guidelines and there is nothing that a loan officer can do to circumvent these conditions. During this time, an appraiser asked to go to the property, so don’t be surprised when someone calls you asking to take pictures of your home. During this phase, it is not uncommon for a lender to ask you for a small amount of money to cover the credit report and the appraisal. Once this is done, you will move on to the final phase of the loan process.
Finally you are at the final phase of the loan process, signing. The loan officer will set up an appointment for you to sign the loan documents. A notary will be there to notarize the paperwork. If there are any fees that need to be paid at this time, then this is when you give them a check to cover the cost. Signing will take about 1 or 2 hours depending on how many questions you have about the documents you are signing. Once everything is signed and stamped, you are done. You have 3 days to cancel the loan after you sign it, if everything is satisfactory, then congratulations! You have completed the mortgage process.

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