Article provided by: Fairway Mortgage - The Potempa Team
The Potempa Team is the most reputable mortgage lender in Phoenix with over 25 years of experience in serving clients with their home loan needs. For the best Phoenix mortgage rates, get in touch with our team today.
Steps involved in getting a mortgage
The first step to getting a mortgage loan is to get a Pre-Approval. Pre-approval is the lender's review of your financial credibility, and getting a pre-approval letter means a lender has agreed to lend you a given amount of money. Getting a pre-approval can help you narrow down your home search within a specific price range. If you like a house and have made on an offer on the property, you must fill out an application for the mortgage approval process.
Lenders use a standardized form called the URLA, where you will have to fill out the information about you and the property of purchase. Once you complete the loan application, your application will move to the processing stage. Your lender may ask you for certain documents at this stage to verify your financial credibility and ability to make on-time payments.
Your application will then go to an underwriter who will carefully examine all the loan documentation and verify its compliance with the lending guidelines. An underwriter has the power to either reject or approve your loan. Mortgage loan approval and closing is the last and final stage of the loan process.
During the closing, you and your seller will review and sign certain documents before your lender can disperse the funds. At the time of closing, you will sign a 5-page document that will include important terms, projected monthly payments, and other fees and closing costs. After closing, the property officially becomes yours. Call us to know more about our Phoenix mortgage rates.
What are the benefits of a VA loan?
One of the outstanding benefits of a VA loan is that it does not require a down payment making this type of financing a no-money-down mortgage. Furthermore, this mortgage does not require the borrower to pay an insurance fee, unlike conventional loans. VA loans, in general, involve lower closing costs and offer better credit and income flexibility allowing most borrowers to qualify for a VA loan.
VA loans are government-insured programs that don't restrict borrowers from their right to sell the home. Borrowers don't have to pay a prepayment penalty or an early-exit fee when they fund their home with a VA loan. Call us to know about VA loan.
What are FHA requirements on house condition?
Your property of purchase automatically becomes collateral for your mortgage. Hence the U.S. Department of Housing and Urban Development requires the house to protect the safety, security, and health of its occupants. Furthermore, the house should be free from physical deficiencies and structural issues to qualify for an FHA loan.
Are you planning to buy a house shortly? Plan your finances with The Potempa Team. We are here to cater to your home loan needs at affordable Phoenix mortgage rates. Contact us for details.
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