Before you visit the bank to discuss financing of your new home there are a few documents you should get together. Be prepared to provide recent tax returns, pay stubs, bank account numbers, long term debt,(credit cards, auto loans, child support, etc), information such as account numbers and amount due. Self employed individuals need to be ready to provide financial statements and returns on their businesses.
Processing your mortgage can take 15 to 90 days. The length of time will vary depending on how quickly the appraisal, credit report, verifications of income, and other financial information can be confirmed. The title search and title insurance are also needed before the mortgage closing.
The "closing costs" vary per lender. Some loans require "points" to be paid, other lenders have a set fee charged for all mortgage closings. These fees usually cover things such as pre-paid interest, administrative fees, property taxes and hazard insurance that is placed in escrow, etc.
The financial institutions
in your area are often in contact with our realtors. They update
us on their interest rates, financing opportunities and "sales".
The best rate is not always the best way to choose a lender. Closing
in a timely manner and long term account maintenance are some
of the other considerations.
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