Page 9 - Buyer Book Updated 110419 PDF
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Step 3: Mortgage Arrangement
A pre-approval letter is helpful in negotiations of a contract. It places emphasis on a “strong” offer and
the seller tends to look more favorably
on a pre-approved buyer.
Arranging a Mortgage
It is very important to meet with a reputable mortgage representative early in the buying process.
Your mortgage representative will highlight all fees and closing costs to ensure that there are no surprises.
A mortgage representative’s goal is to expedite all the necessary mortgage paperwork and information, including ordering a credit report and appraisal of the property.
You will need to provide your lender with a list of documents, including confirmation of employment, proof of down payment, a list of debts and other expenses, etc. The information you provide to the lender is completely confidential.
In most cases, pre-approval takes less than an hour and can be completed over the phone.
Once a contract is accepted, the loan process normally takes between two and four weeks, depending upon the type of loan application and market conditions
