The first item that requires your attention is the selection of a lender and completion of a mortgage application. This should be accomplished as soon as possible. Take the completed purchase agreement with you when you first visit your lender.
It is rare when a situation arises that your loan officer has not encountered in the past. Do not hesitate to discuss any concerns that you have regarding your assets, income, of credit. It is the job of the lender to understand completely your particular financial circumstances. It is best that you disclose accurately and completely all information. Overlooked items or inaccurate data can cause delays or even totally stop the process of obtaining a loan.
Once all preliminary information has been given to your loan officer, verification forms will be sent to your employer(s), bank(s), and current mortgage company or landlord. A credit report and appraisal of the property will be ordered. Your lender will provide you with a Good Faith Estimate, which lists the cost you will incur in financing your new home, and a Truth-in-Lending Disclosure which indicates the Annual Percentage rate, finance charges and monthly payment.
It normally takes several weeks for these reports and forms to be returned to the mortgage company. If any delays are encountered, the loan officer may contact you for assistance or you may be asked to write letters in regard to your assets, income, or credit. Please remember that your mortgage company requests this information to assist you in obtaining your financing.
It is at this point that you may become frustrated with the loan process. Do not hesitate to discuss your concerns with your Loan Officer or Sales Coordinator; perhaps they can provide some additional insight on what may seem to be petty and redundant requests. Once all contingencies are met, final loan approval can be obtained.
During the entire loan process, the Sales Coordinator will be in contact with you and providing information regarding the construction progress of your new home. Please do not hesitate to contact her if you have any questions.
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