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Author:
Mariam Durrani
Web Site: http://www.1st-choice-loans.com
Real estate
mortgage: the process of a real estate transaction
Real
estate mortgage companies offer tools and services to get you
the mortgage you need. However a real estate mortgage company
can help you understand the process of a real estate
transaction.
The process can
be done in 4 weeks. When you make an offer to buy a home you
must pre-qualify. The lender will issue pre-approval based on
your income and credit. Then you can make an offer to the seller
and if it is accepted you can go ahead and submit a complete
loan package to the lender. That’s when the real estate
mortgage company comes in and sends instructions to both parties
for signatures, while an appraisal is ordered and all
information is verified. During this first week of the
transaction both parties return the signed instructions to the
company who then prepares a Grant Deed for the sellers’
signature. By the second week, all liens are requested; the
buyer conducts property inspections, which are then verified. In
the third week insurance is quoted, the loan is sent for
approval and returned approved, and other requirements are
fulfilled, while the seller is moving out. When everything else
is signed the buyer can move in, usually by the fourth week.
As you can see
this is a bureaucratic and very organized procedure, so it’s
best to find a professional real estate mortgage company that
you are comfortable with too. Consider the person’s who are
dealing with you and see if you can trust them with this
procedure. There are many online guides to help you choose a
good company to get you the mortgage.
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