| |
Call or email
Ray DeCarlo at RG Mortgage Service
for all your residential lending needs.
Once you have determined the price point
you are looking for, and the “down payment”
you will be able to apply to the new home,
call your lender of choice and discuss your
plans. |
| |
| Have the lender take a loan application
with all supporting documentation that is
requested. |
| |
| A good lender will present
this to the underwriter for “formal
credit approval.” This is NOT a "pre-qualification"
but an approval of your credit
to purchase a property at a pre-determined
sales price and loan amount. Once you receive
the pre-approval letter, you are now ready
to look for your new home.. |
| |
| After you have found your property and the
offer has been accepted, call your lender
and give him the information including the
selling broker. Your lender will order an
appraisal, title report and get all information
from the escrow company regarding the sale.
|
| |
| Once all the information on the transaction
has been received by the lender, your loan
application with the property will be reviewed
by the underwriter for Formal
Loan Approval so loan documents
can be printed. Make sure the lender has reviewed
with you the costs by presenting you with
the “GOOD FAITH ESTIMATE”. This
will include lender, title and escrow costs.
There should be no surprises
at the close of escrow. |
| |
| Make sure the lender communicates
with you on a constant basis. Never assume
that everything is ok if you do not hear from
him. This is a very big transaction and you
should expect impeccable service. |
| |
| Ask for references from the
lender. |
| |
| Ask for a commitment letter including the
interest rate and term of the loan when the
lender states that you are locked in. |
| |
| |
| |
