| There are several steps to take in the mortgage | | | | If the rate goes up you would be subject to a higher |
| process. The following is a list of the best steps to | | | | payment. It is always suggested that you lock the |
| take in order to ensure a smooth and simple | | | | rate due to the volatility of interest rates. You may |
| transaction.1. Get Pre-Approved FirstDuring the | | | | ultimately have to pay a higher payment if you |
| pre-approval process all the information necessary to | | | | decide not to lock your rate and rates increase.5. Get |
| complete a mortgage transaction will be collected. A | | | | a Professional Home InspectionIt is always wise to |
| pre-approval is substantially different from a | | | | have a home inspection done. A home inspection is |
| pre-qualification. A pre-approval is the process of | | | | done by an independent home inspector. A home |
| actually getting approved for a mortgage without | | | | inspection involves the home inspector going through |
| having an actual property picked out yet. Having a | | | | the home prior to purchase. In some cases a house |
| pre-approval helps substantially and will also help in | | | | that looks beautiful from the outside may have some |
| negotiating with a seller. After all, a pre-approval tells | | | | underlying issues that may be unseen. It is important |
| the seller that your offer is already approved and | | | | to know ahead of time if there are any issues with |
| informs them that you are ready to move forward | | | | the property. A home inspector will make sure all of |
| with the purchase.2. Making Verbal AgreementsThere | | | | the outlets work, that there is no water damage, |
| is simply no such thing as a verbal agreement in Real | | | | and that all of the appliances work. They will assess |
| Estate. If there is something that you would like the | | | | all of the homes mechanical systems and make sure |
| seller to agree to, make sure they agree in writing. If | | | | everything is in working order. They will also let the |
| there is a verbal agreement made, there is no | | | | home buyer know of any current issues or any items |
| feasible way to prove that that agreement was | | | | that could become issues.6. Close on Your New |
| made. On the sales contract make sure everything | | | | HomeGet a copy of all of the loan documents prior |
| that you are requesting is either agreed to or | | | | to closing. It is important to be able to read through |
| denied.3. Find Your New HomeNow, with your | | | | all of the documents as time may be limited during |
| pre-approval letter in hand it is time to search for | | | | the closing. Always call your broker ahead of time |
| your new home-to-be. Look at several properties, | | | | with any questions. Never close on a property |
| even if the first one you see seems as though it | | | | without having ample time to review the closing |
| may be, "The one." Once you have chosen your new | | | | documents. After reviewing all of the documents set |
| home write a sales contract and give a deposit. Then | | | | up a closing with the seller and your attorney. At the |
| forward the sales contract to your broker to | | | | closing table make sure you have all the required |
| accompany the rest of the documentation you have | | | | checks and documentation. You should receive a |
| provided. Due to the fact that you already have a | | | | checklist prior to closing. Remember, never sign |
| pre-approval the loan process should be relatively | | | | anything you do not understand, and ask plenty of |
| quick.4. Lock in Your RateIt is important to notify the | | | | questions to make sure you understand.Copyright |
| mortgage company that you would like to lock in | | | | 2006 Jason P BertrandJason Bertrand is President of |
| your rate. Once a rate is locked you have a certain | | | | JPB Financial Services, Inc., a Connecticut Corporation |
| amount of time to close. You can lock a rate for 15 | | | | and member of the Better Business Bureau. Mr. |
| days, 30 days, 60 days, and in some cases 90 days. | | | | Bertrand has over a decade of experience in the |
| Once you have locked the rate, you are guaranteed | | | | financial services industry and is a Notary Public in the |
| that the rate will not fluctuate. You also have the | | | | State of Connecticut. Feel free to contact Mr. |
| option to float the rate. If you float the rate and the | | | | Bertrand using or using mail use: |
| rate goes down you could then lock at a lower rate. | | | | JPB Financial Services, Inc. |