Save time and avoid delays by having this information available when you meet with your lender:
Find out how much you can borrow.
Pre-qualification will give you a general idea of how much you can afford based on your debt-to-income. This can be done over the phone or online in just a few minutes.
1. Inform you of your maximum affordable home value and save you from previewing properties outside your price range.
2. Put you in a stronger negotiating position with the seller because the seller will know your loan is pre-approved.
Getting pre-approved requires a more rigorous process, including verification of your credit score, monthly income, debts, and assets. It is highly recommended that you take the time to get pre-approved before you start looking for a home.
Which home loan program is best for your situation?
1. Think about how long you plan to keep the loan.
2. Compare different home loan programs.
3. Understand the relationship between rates and points.
With so many home loan programs to choose from, it can be difficult to understand which one is best for you. An experienced home loan originator will help you find a home loan program that best fits your short- and long-term plans.
You can apply online or in person.
Complete and sign the residential loan application Form 1003.
Your home loan originator may also request additional documents such as a loan information sheet, credit authorization and fair lending notice.
Once your home loan application has been received, the approval process starts immediately.
After your loan is approved, you will be required to sign the final loan documents.
Your loan will normally close shortly after you have signed the home loan documents. On refinance and home equity loan transactions, federal law requires that you have three days to review the documents before your loan transaction can close. Purchase transactions do not have a three-day rescission period.
We are a direct lender and a broker who will work one on one with you to exceed your expectations. If we don’t have a product that makes the most sense for you, we’ll find the lender that does. We’ll make sure you have the best loan at the best price. Choose Lend Smart- it’s the smarter way of doing business.
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