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