Loan Road Map: Stop #8 Final Approval After the home inspection and appraisal are received back, the loan goes back to underwriting one last time. The underwriter wants to make sure the loan amount aligns with the correct value of the house to be purchased. If all the documentation is accepted, you will receive … Continue reading Loan Road Map: Stop #8 Final Approval
Loan Road Map: Stop #7 Homeowners Insurance Homeowners insurance helps you protect the biggest financial purchase of your life! Here are a few reasons why it’s important: It might be necessary. Before closing on your new home, we require you provide proof that your house is insured. It provides protection for more than … Continue reading Loan Road Map: Stop #7 Homeowners Insurance
Loan Road Map: Stop #6 Appraisal and Title An appraisal decides the value of the property that you are purchasing. This is important because it decides how much money a bank is willing to lend you for the property you want to purchase. An appraisal starts with an inspection of the inside and outside of … Continue reading Loan Road Map: Stop #6 Appraisal and Title
Loan Road Map: Stop #5 Applications and Disclosures A mortgage application helps the lender decide how much money to lend the borrower. Here’s a breakdown of what’s included on the forms: Type of mortgage and terms. This section describes the loan, loan program and the terms to the loan. Property information and purpose of the … Continue reading Loan Road Map: Stop #5 Applications and Disclosures
Steve Kern 