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Mortgage Approval Process

By Juan
To buy homes, most individuals need to be approved for loans made by mortgage companies. While prior approval can be obtained in a matter of days, or even a few hours, to be fully approved for a loan can take a month or more. If you're ready to buy a House, you need to know that there are several steps to follow to obtain financing for your home.

Pre-authorization

First step, of course, must be approved in advance by the lender of your choice. Do some research to find out which offer the best rates of interest, terms and lowest closing costs. In order to be pre-approved for a loan, you must present your most recent pay stubs, your personal data, including your date of birth and social security number. The lender will pull a credit report to see what your score is. If you have enough money in your work, money in the Bank to pay a deposit, and have a good credit rating, you will receive the green light to proceed with the purchase of a House.

Evaluation

Even if you are an excellent candidate for a loan, mortgage companies also want to make sure that the House you buy is worth what you pay for it. To do this, a licensed appraiser will be hired to inspect the property and report checking its value. Evaluators will go to the property armed with a laptop, tape measure and a camera. He or she shall ensure that the House is in good condition, contains the area contained in the tax records, and compare it to other properties in the neighborhood. These compositions investigate recent sales in the area. Because house prices fluctuate, comparison sales must be in the last months. If the property evaluates to an amount less than the sale price, the Bank will not agree the loan. This led to a renegotiation between buyers and sellers.

Check the data

After the House has been evaluated for sufficient funds, mortgage companies check all data of applicants such as the duration of the use of the money in the Bank, and credit history. Lenders want to make sure that candidates may be success repay the loan over a period of 30 to 15 years. The verification step can be a long process. Nothing discovered that raises issues must be explained by the applicant in a signed letter of explanation. It is important that buyers are not new loans during this process or lenders may reject the application.

Finally, after prior approval, assessment, and the detective on all personal and financial information, mortgage companies approve or reject loans. If you have good credit ratings, stable employment and adequate income, your loan will probably be approved. Your next steps would be to pack your belongings, finding a moving truck, and move to your new home.
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