First Time Home Buyer Mortgage Question
Tuesday, April 27th, 2010 at
2:02 am
My husband and I were preapproved for a mortgage recently.
If we do not do anything to affect our credit, it it possible to have it un-preapproved from now until we close on our house?
This is both of our first home, so I am unsure of a few things. Thank you.
Tagged with: credit • first • first time home buyer • first time mortgage • home • mortgage • preapproved
Filed under: First Time Home Mortgage
There are a few things that can happen, but normally if you have reached this stage of the approval, you would normally be ok.
You should and have the responsibility to stay abreast of the procedures as they unfold. So you should get the telephone numbers or all the professionals involved in your transaction. The title company, escrow closing agent, loan consultant, real estate agent, insurance agent and any other you have had contact with.
Make sure that if there are things needed from you, make sure you get them to the requesting party immediately. This will prevent unnecessary delays in your Transaction.
Always ask if things are going ok and if there is anything necessary for you to do. Find out when the loan docs are to be prepared and ready for your signature.
Make sure when you do sign loan docs you have spoke with your loan consultant to find out the interest, length of the mortgage, monthly mortgage payment, late penalty.
Now when you sign your loan docs they should match exactly what you and your loan consultant discussed. If not please don not sign the loan docs, call your loan consultant and discuss t his discrepancy with him/her.
Signing the loan docs will lock you into the mortgage with no way out. So make sure everything is correct on the loan docs.
Once the loan docs have been signed you should find out when the loan will fund that this the day the lender will wire the mortgage to the title company.
You should make sure you are in contact with with your closing agent to set up a date and time for your closing.
The main thing is to stay in constant contact with those that are helping you and not wait for them to call you. They are working for you and you are paying them in the form of fees and points.
I hope this has been of some use to you, good luck.
"FIGHT ON"