1. Steps To Secure A Mortgage Khaled sharif

2. Complete the application To get a mortgage you must first complete the required application, which is used to determine how much money is required up front and how much you will need to pay per month toward your mortgage. It is essential to obtain a mortgage and become approved for a loan.

3. Get Pre Approved Once you have completed your application and have become pre approved then your lender will give you a pre approval letter which is proof that you will receive the loan. Which means that the paperwork for buying the house can begin.

4. Processing The mortgage financialist gets the final paperwork ready. The property is also appraised to determine the houses fair market price.

5. Becoming Approved The lender will review your application and financial information to make their lending decision. If your application is declined, they may recommend steps you can take in order to obtain financing.

6. Pre Closing They are gathering all of the necessary documents to ensure that nobody else can claim that they own that property. By this time you should already have a finance plan.

7. Closing The day and time when all final mortgage documents are signed and all necessary payments are transferred to complete the purchase of a house. Also known as the settlement date.

8. Loan Servicing The steps taken to maintain a loan from the time it’s closed until it’s paid off, for example billing the borrower, collecting payments, and making contract changes. It’s not uncommon to have loan servicing transferred between many companies during the life of a loan.