Mortgage
Central
Contacting an
experienced Atlanta
Mortgage Lender should be your first step in the home buying
process. We have compiled a list of preferred lenders for you, and we recommend
that you contact one of them in order to get Pre-Qualified.
Once you have the peace of mind knowing what you can afford, you can do all the home searching you want. Out of State Buyers would be better off using a local Lender!! Because closing procedures differ from State to State, using an out of State Lender can potentially complicate the transaction and more often than not cause closings to be delayed and could put your contract in jeopardy. If you prefer to use your own institutional lender, then take our advice and use someone local to Atlanta.
Our
preferred lenders:
David Edreich
Wells Fargo
Home Mortgage
Home Mortgage Consultant
>
678.742.3564
www.davidedreich.com
Brian
Cueny
Home Services
Lending
Mortgage Consultant
>
770.855.5790
www.brianknowsloans.com
The Mortgage Process:
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 questions...


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