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      The Mortgage Loan Process

      Many new home buyers wait until after they find that perfect home to actually sit down and then explore the whole home mortgage process. The mortgage loan process should begin before you even start your new home search as it will be important to determine just how much home you can afford to buy. There are many great mortgage lenders in the Asheville North Carolina area that specialize in the financing of homes, land, condos and real estate.

      Loan pre-qualification

      Many home buyers are not certain of just how much home they can get qualified to purchase. Lenders will usually determine just how much debt you currently have and also how much income you are generating as these will be important in the analysis and evaluation of your loan. Past credit history and your current credit score will also be considered to determine your limit of your loan. The lender should be able to determine the price range of homes you will be able to purchase in the Asheville area.
      Asheville Home Mortgages

      Asheville Home Mortgages

      Finding the right home

      You are now ready to work with a real estate agent in your area to find that perfect home within your pre-qualification range. Once you find that perfect home you will submit an offer to purchase contract to the seller, and once it is approved you will then carry the signed contract by both parties back to your lender to start the loan application process. Filling out the complete loan application form is the first real step in obtaining that home mortgage. It is very important that the loan application is complete and accurate. Most loan officers will work with you on this step to minimize delays in your home loan process.

      Underwriting, closing and funding the loan

      Once all of the paperwork is completed at your lender it is then turned over to the underwriter. The underwriters job is, essentially, to check the work of the loan processor in the above step. As long as you meet all of the requirements and guidelines of the loan, your loan will then be approved. The loan documents now go to the closing attorney and the title company so that money can be made available for the loan. Everything is now ready for the closing and your lender should give you a good faith estimate of settlement costs. You should now review the good faith document and ask questions if you have any prior to the final closing/settlement at the closing attorneys office. Call Green Mountain Realty at 828.215.9064 for homes, land or real estate in Asheville.