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Mortgage Center

Do you know how much you can afford?

Have you been prequalified?

These are 2 very important questions you need to know before wanting to buy any Real Estate. Contacting an experienced Mortgage Lender should be your first priority in the home buying process. It allows you to know just how much home you can afford and makes you a more a serious buyer in the eye of the Seller.

Once you have the peace of mind knowing how much you can afford, you can do all the home searching you want. Out of State Buyers are cautioned to use a local Lender. Closing procedures differ from State to State, and using an out of State Lender can potentially complicate the transaction and sometimes cause closings to be delayed, potentially putting your contract in jeopardy.

Typically in the atlanta new construction market, Builders and Developers have their own preferred lenders. You as a Buyer are not obligated to use them. However, if a Developer or Builder is offering incentives more often then not you are compelled to use their preferred lender.

Below is a list of preferred lenders we like to use and many of our satisfied home buyers have used them in the process.

Jason Gardella
Wells Fargo Home Mortgage
Senior Mortgage Consultant

> 770-619-1415

Michael Gross
Dividend America Mortgage
Mortgage Broker/Owner

> 770-350-7370

Lori Beardslee
Freedom Financial Mortgage

Mortgage Broker

> 770-517-7175

 

 

 

 

 

 

What is a Pre-qualification?
The process of determining how much money a prospective homebuyer will be eligible to borrow before a loan is applied for.

What is a Pre-approval?
This allows you the ability to get approved for a specific loan amount prior to finding the home you want to purchase. The loan is underwritten and the lender commits to a specific loan amount. This can give you a great advantage with a homeowner or realtor if someone else is interested in the same home at the same time. Also, if you are thinking about refinancing and want to pay off creditors or take cash out, but you are not sure you would qualify - you can apply for a pre-approval and could save you on the cost of getting an appraisal on your home until you know if you qualify.

What information do I need to provide when I apply?

When you are ready to apply, you need the most current information on your monthly income and debt, a total of your assets, and your social security number and employment information.

Is there a cost to apply? If so, how much?
There is NO pre-approval fee, only a Loan application fee. This varies from lender to lender. Some lenders charge an application fee to cover actual out-of-pocket expenses and money for their efforts. Other lenders charge a reasonable credit report and appraisal fee, which cover out-of-pocket expenses. This could range anywhere from $50.00 (credit report only) to $500.00.

Where do I close and sign for my loan?

Typically your closing will take place at a title closing agent's or attorney's office. When all parties agree upon a closing date, we will provide you with the exact location and time of your loan closing.

What documents will I receive at closing?
At closing, you will sign and receive copies of all legal documents that will be recorded and placed on record regarding the property that you are purchasing or refinancing. Also, you receive all pertinent information regarding your mortgage payment and servicing information for your new loan.

How long will the loan process take?

Loan approval and funding time frames vary depending on the type of transaction and the complexity of your personal finances. The process can take, on average, anywhere from 14-60 days.

What is a lock-in?
The lock-in represents the interest rate you choose and will be the interest rate used to factor your monthly payment. The lock-in secures the interest rate during the process of your loan approval as long as your loan is processed and closed prior to the rate expiration date. This date is given to you when you lock-in the rate.

When can I lock-in my rate?

When you apply for an application you can lock-in your interest rate any time during the process of your loan.

How long is my rate lock valid? Depending on the type of transaction and the time you need, lock periods can be valid anywhere from 10 days to 180 days.

more...

 

905 Juniper
Aberdeen, The
Bellingrath, The
Buckhead Grand
D|U|O
Gallery Buckhead
Horizon at Wildwood
Manhattan, The
Mansion on Peachtree
One Brookhaven
One Buckhead Loop
One Vinings Mountain
Ovation
Paces 325
Paramount
Peachtree Residences
Realm
Sky Lofts
Sovereign
Spire
Stanbury Residences
Terminus
Viewpoint

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