Two cents on obtaining a mortgage: 1. Generally, there are three stages in obtaining a mortgage. a. Pre-Qualification: Quick and easy to obtain with a phone call or email. No real documentation is required, but it will enable you to "put in an offer." It says you have a job and make some money. b. Pre-Approval: This is a powerful home-buying tool that requires you to dig out recent tax records, pay stubs and proof of account and/or assets. It tells a buyer you are a ready, willing and able buyer. c. Approval, then commitment. The first stages, " a" and "b" above, do not have any expense associated with them (the mortgage broker does do a credit check for you). The Approval stage requires your signature and acceptance of the mortgage, which means the mortgage company starts going out to get the money. So, there might a "kill fee" if you do not take it for some reason. d. Toward the end of your purchasing experience, the mortgage company obtains a "commitment" for the money and they prepare to bring it to the closing.
Posted on: Sun, 22 Sep 2013 14:03:06 +0000
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