Understanding the Mortgage Process

By Sheryl Landrum
LoanPage.com Columnist

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So you've found the house you've always wanted and you are ready to buy. Understanding and preparing for your new mortgage can help get you into your new home with ease. Here's what you need to know about getting a new home mortgage.

  • » Getting pre-approved with a lender is always a smart move when looking to buy a new home. Not only will you be confident in the mortgage you will be able to afford, but you will enjoy greater negotiating power with a seller than buyers who have not gone through the mortgage pre-approval process.
  • » Finding the right mortgage loan for your needs depends on dealing with a competent and reputable loan officer who can advise you on the different mortgages available.
  • » Documentation is the key to the home loan process. Keeping clean credit and good records will help expedite the mortgage process.
  • » Your mortgage loan package will be presented to underwriting. Once approved your loan documents will be drawn and escrow will review them and set up an appointment for signing.
  • » Once you have approval on your home purchase, there are a few more steps to finish. Your loan officer and real estate agent will coordinate opening title and escrow, the appraisal process, home and termite inspection, and you will need to get insurance on your new home in place. Once these have been cleared, you are ready to complete the mortgage transaction.
  • » Mortgage loan documents are signed, your new home loan is funded, and title is recorded.
Congratulations! You are now the proud owner of a new home!

About the Author
Sheryl Landrum is a Senior Loan Officer with First Capital Mortgage, in San Diego, California and a freelance writer on mortgage issues.

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