| There are several steps to take in the mortgage | | | | could then lock at a lower rate. If the rate goes up |
| process. The following is a list of the best steps to | | | | you would be subject to a higher payment. It is |
| take in order to ensure a smooth and simple | | | | always suggested that you lock the rate due to the |
| transaction. | | | | volatility of interest rates. You may ultimately have |
| 1. Get Pre-Approved First | | | | to pay a higher payment if you decide not to lock |
| During the pre-approval process all the information | | | | your rate and rates increase. |
| necessary to complete a mortgage transaction will be | | | | 5. Get a Professional Home Inspection |
| collected. A pre-approval is substantially different | | | | It is always wise to have a home inspection done. A |
| from a pre-qualification. A pre-approval is the process | | | | home inspection is done by an independent home |
| of actually getting approved for a mortgage without | | | | inspector. A home inspection involves the home |
| having an actual property picked out yet. Having a | | | | inspector going through the home prior to purchase. |
| pre-approval helps substantially and will also help in | | | | In some cases a house that looks beautiful from the |
| negotiating with a seller. After all, a pre-approval tells | | | | outside may have some underlying issues that may |
| the seller that your offer is already approved and | | | | be unseen. It is important to know ahead of time if |
| informs them that you are ready to move forward | | | | there are any issues with the property. A home |
| with the purchase. | | | | inspector will make sure all of the outlets work, that |
| 2. Making Verbal Agreements | | | | there is no water damage, and that all of the |
| There is simply no such thing as a verbal agreement | | | | appliances work. They will assess all of the homes |
| in Real Estate. If there is something that you would | | | | mechanical systems and make sure everything is in |
| like the seller to agree to, make sure they agree in | | | | working order. They will also let the home buyer |
| writing. If there is a verbal agreement made, there is | | | | know of any current issues or any items that could |
| no feasible way to prove that that agreement was | | | | become issues. |
| made. On the sales contract make sure everything | | | | 6. Close on Your New Home |
| that you are requesting is either agreed to or denied. | | | | Get a copy of all of the loan documents prior to |
| 3. Find Your New Home | | | | closing. It is important to be able to read through all |
| Now, with your pre-approval letter in hand it is time | | | | of the documents as time may be limited during the |
| to search for your new home-to-be. Look at several | | | | closing. Always call your broker ahead of time with |
| properties, even if the first one you see seems as | | | | any questions. Never close on a property without |
| though it may be, "The one." Once you have chosen | | | | having ample time to review the closing documents. |
| your new home write a sales contract and give a | | | | After reviewing all of the documents set up a closing |
| deposit. Then forward the sales contract to your | | | | with the seller and your attorney. At the closing table |
| broker to accompany the rest of the documentation | | | | make sure you have all the required checks and |
| you have provided. Due to the fact that you already | | | | documentation. You should receive a checklist prior to |
| have a pre-approval the loan process should be | | | | closing. Remember, never sign anything you do not |
| relatively quick. | | | | understand, and ask plenty of questions to make |
| 4. Lock in Your Rate | | | | sure you understand. |
| It is important to notify the mortgage company that | | | | Jason Bertrand is President of JPB Financial Services, |
| you would like to lock in your rate. Once a rate is | | | | Inc., a Connecticut Corporation and member of the |
| locked you have a certain amount of time to close. | | | | Better Business Bureau. Mr. Bertrand has over a |
| You can lock a rate for 15 days, 30 days, 60 days, | | | | decade of experience in the financial services industry |
| and in some cases 90 days. Once you have locked | | | | and is a Notary Public in the State of Connecticut. |
| the rate, you are guaranteed that the rate will not | | | | Feel free to contact Mr. Bertrand using or using . For |
| fluctuate. You also have the option to float the rate. | | | | mail use: |
| If you float the rate and the rate goes down you | | | | JPB Financial Services, Inc. |