DESTIN FLORIDA REAL ESTATE- KEITH BAILEY- FORECLOSURE & SHORT SALE CERTIFIED Professional Realtor Destin real estate, Miramar Beach real estate, Highway 30-A, Short Sale & Foreclosure Real Estate Specialist. Top Rated Real Estate Agent.

Here's A Typical Loan Process You Can Expect...

When It Comes To Real Estate Property Loans...

     Let's assume you've already found and decided upon the mortgage you want and you're ready for the next step - the loan application. The process costs anywhere from $100 to $500 and is usually non-refundable. Lenders levy the fee to cover the costs of running credit reports and filling out mortgage-insurance applications.

What you can typically expect:
  • You will need raw material, and lots of it, for the application: income and balance-sheet figures and evidence, copies of past income-tax returns and the title to your car. Take the paperwork you gathered during the prequalifying process with you.
  • Be prepared to provide the name and phone number of someone who can verify your financial information - most likely your employer's personnel office. If you have substantial non-salary income from investments, you'll be asked to substantiate this through an accountant, stockbroker, trust officer or similar source.
  • Application forms are usually filled out during the interview with the help of a loan officer, but you could fill them out at home and return them.
  • In addition to the application fee, you may be asked to pay a "loan origination fee" or "prepaid point" - typically 1 percent of the loan amount - when you apply, before approval is made.
  • Find out what will happen to your origination fee if the lender decides not to approve your loan. Will the 1 percent origination fee be refunded? Get the answer in writing before you pay.
     From the time you submit the completed loan application - and appraisal and credit reports are received - the lender has up to 30 days to approve or reject your request and inform you of the decision. Make sure you haven't been forgotten. During the process, remind the loan officer of your settlement date and check on the progress.  Keeping in mind that you're dealing with regular folks who have the same problems and distractions that you do in life, you shouldn't feel hesitant to ride your Lender like a broke down mule if you get the impression that the process isn't moving along smoothly the way it should.  You have the RIGHT to expect excellent service when you're about to spend perhaps hundreds of thousands of dollars of your hard-earned money.  Don't neglect to get your Realtor in on the act in case you require a double-whammy strategy.

 

 


 

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CONTACT KEITH BAILEY FOR ANY ASSISTANCE:

     I hope this information has been of value to you.  The most important thing I hope you take from this is that I am available and willing to help you with all the information you want so that you can make the most effective decisions you can.

     The instant you need some assistance with a question regarding any real estate, whether it be about buying, financing, or even figuring out how to get your own property sold efficiently, you should immediately contact Keith using any of the contact forms here on the site, or call him directly at (850) 830-6771.You can also email him: keith@keithbaileyrealtor.com





 
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