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mortgage 101 |
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Learn
about the mortgage process used by Best Choice Mortgages |
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Obtaining a mortgage
can be a long and arduous process. Mortgage 101 is an area
dedicated to educating people, both customers and
non-customers, about the whole mortgage loan process.
Our goal is to eliminate some of the mystery regarding
mortgage loans. |
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Note: the
underlined words definition can be viewed by hovering the mouse over the
word. If you are using a pop-up blocker you will need to temporarily
disable it. |
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The mortgage loan
process, from origination
to closing, can take from 2 weeks to 60 days. There are many steps
involved in the overall process. The steps included here are the
general steps that every loan goes through. There may be others
depending on the circumstances involved. |
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1. Best
Choice Mortgages is contacted by phone, or we call you, depending on the
referral source. If you pre-qualified on our web site, we
will contact you at a time convenient for you. |
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2.
Your loan officer
from Best Choice Mortgages asks key
questions about your credit and financial situation to determine which
loan program best suits your needs. Best Choice Mortgages will
then determine if this is the best time for you to apply. |
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3.
If you
are qualified, your
loan application,
sometimes called a 1003, is taken by phone and your
credit report
is ordered and evaluated by your loan officer. |
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4. Once your
loan officer looks at your credit report and loan application, you will
receive a call back from Best Choice Mortgages to discuss what options
are available to you. Next, a
broker contract
will be mailed or faxed to you to sign and return. This insures our
Lenders that you have “hired” Best Choice Mortgages to represent you in
obtaining a
mortgage. |
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5. Best
Choice Mortgages submits your application to several available Lenders.
We may receive several
pre-qualifications
from the various Lenders with individual terms for the loans you have qualified for.
Your loan officer will contact you with one or more of the offers that
meets your specific needs. Together, we will decide on the best
deal for you! |
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6. Your loan
officer will communicate the terms of the loan chosen, and
ask you to supply documentation to begin the loan process.
Please
note….. The quicker we receive what we need from you, the
quicker it gets to our lender, and of course, as a
result, the entire process progresses faster. |
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7. You will be
faxed or mailed a Borrower's Authorization form to sign and
send back to your loan officer. This form gives Best Choice
Mortgages permission to obtain information from your
employer, creditors, rental agency or existing mortgage
company.
Again,
please return all forms as soon as possible. |
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8.
A
title company
is chosen (by you, the seller or Best Choice Mortgages) to do
the necessary title search on the subject property. |
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9.
An
appraisal
is ordered by Best Choice Mortgages, and performed by the company we
choose. If the property is being
refinanced, we will need to order a
new appraisal on your home. For a new home purchase, an appraisal will
be done on the subject property. This appraisal must be paid for
in advance to the appraisal company, NOT to Best Choice Mortgages.
The average appraisal costs between $300 - $375 and is payable directly
to the appraisal company at the time of service. |
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10.
The loan documentation is prepared and sent in to the lender. Your
loan package
is received and reviewed by the Lender's representative, and then again by the
Lender's Underwriting Department. |
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11. The
underwriting process typically takes 2-3 business days, but could take
up to 7 business days. The time a loan stays in underwriting
generally depends on how busy the lender is (longer does not usually
mean bad news, so don't worry). |
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12.
The lender
will contact your loan officer with
a
conditional commitment,
We may need additional documentation from you to support the loan.
Please try and furnish all requests as soon as possible. |
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13.
The
title company is called, and a
closing
date and time is scheduled. Best
Choice Mortgages will always TRY to schedule the closing at a time
convenient for you. Your loan officer or a direct representative
from Best Choice Mortgages will accompany you to your closing, where you
sign all the necessary papers, pay any
closing costs, and finally, celebrate! |
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This website in no way guarantees or promises an acceptance into
any loan program. |
