Do I need to find a home before I apply for a loan? It certainly doesn’t hurt to browse, but if you’re serious about buying a home, it’s best to pre-qualified before you start house hunting. Being pre-qualified tells the realtors involved that you’re able to buy a home (which means you won’t… Read Full Article Share FacebookTwitterLinkedIn
What’s the first step in the mortgage loan process? The first step is to meet with your mortgage broker. During this meeting, you can ask questions about the financial aspects of your real estate transaction, and the broker will make you aware of the variety of programs they offer… Read Full Article Share FacebookTwitterLinkedIn
Before I even begin, how do I know which loan program and rate are right for me? The process can be overwhelming, but your loan officer will be able to answer your questions and find the best program to fit your needs. They’ll help you choose the lifespan of your loan, understand the relationship between rates and… Read Full Article Share FacebookTwitterLinkedIn
Who else is involved in the process? In addition to the real estate agents and your broker or lender, you will also deal with an underwriter, a financial expert who formally reviews your file and verifies your information. An appraiser will establish the worth of the property,… Read Full Article Share FacebookTwitterLinkedIn
Do I need a real estate attorney at any point? An attorney is required in some states, but not all. Your real estate agent and loan officer can provide more information as to whether you should consider legal representation if it’s not required. A licensed real estate attorney will make… Read Full Article Share FacebookTwitterLinkedIn
What is a loan officer? A loan officer works for a mortgage broker or bank. Also known as a mortgage loan originator, this person’s primary responsibilities include recommending applicants for mortgage approval and acting as an intermediary between the borrower and the lender. Read Full Article Share FacebookTwitterLinkedIn