Sets you up for a smooth home buying experience.
Pre-approvals don’t take much time. They involve a tri-merge. This shows the credit score and credit history as reported by third-party institutions. The lender can see your payment history and will be able to pinpoint the amount for which you qualify.
Mortgage pre-approvals signal to the seller that you’re a serious buyer. Once set up, the following phases would be an easy journey for you.
Shopping for houses online is convenient, easy, and fun. But there are a few things to consider:
Once properties have are being visited with the agent, it’s time to make an offer.
It will include conditions that must meet requirements before the deal is complete. Here are a few common ones:
Certain documents are always needed for this. Some would be from phone calls or online.
Information is being gathered and reviewed. The loan officer would then produce the loan estimate.
Agents gather documentation about the borrower and property. They then review the information and organize a complete package for the underwriter.
The underwriter is the key decision-maker by evaluating the documentations.
An underwriter may approve or reject the loan. After an initial approval and before closing, the interest rate for your loan is being locked. You and the loan officer will then choose a time to make the commitment.
Title insurance is being ordered before the closing meeting. This ensures you with the keys to your new home. Documents are then printed out and sent to the title company or attorney’s office.
One of the documents worth calling attention to is the Closing Disclosure. This document should be able to confirm all the costs. You have the right to review this three days before the closing meeting. Small things in the loan docs are being allowed to change, like typos. But bigger changes will reset the three-day review period.
You have the right to a final walk-through of the property 24 hours.
Lastly, the closing meeting. Time to sign documents and complete your purchase.
Key Closing Documents
Our contract processing services are being tailored according to your specific needs.
Magellan Solution provides experienced processing and closing teams. They dedicate themselves to helping you through mortgage loan processing.
The mortgage crisis in the US had an impact on the outsourcing industry. Because of this, companies decided to outsource some of their tasks.
Contact us today for more information.