And you may need to supply various documents or answer some questions for the lender as you get closer to closing. For example: the current address for your 5th grade math teacher; how many apple pies will fit on a doghouse roof; your 1099 for your first paper route.
Don't sweat it. Your mortgage broker and Agent will get you through it.
After you apply for a loan the lender can give you a 'pre-qualification' for a certain amount. At that point the buyer can start searching for homes accordingly with their Buyer Agent. The lender will then do the verifications of the information that the buyer has given. Once the verifications are done as to income, credit report, bank accounts and tax statements he can then give the buyer a 'pre-approval' for a certain amount. The buyer will need the pre-approval letter to submit with the offer when he finds the 'right' home. When the offer is accepted, it becomes a contract. The next step is to do an inspection. Once the inspection items are resolved, the appraisal will be done. Then the lender and title company finish their processing and everyone looks forward to a successful closing.
Robert McGuire ASR
Your Castle Real Estate
Direct - 303-669-1246
Best of luck on your transaction!
Bill Pearson GRI, SRES |"Your Denver Realtor For Life"
ERA Herman Group Real Estate| 201 Columbine Street| Suite 301| Denver CO 80206
5280 Magazine FIVE STAR Real Estate Professional â€“ 2010, 2011, 2012