Refinancing a Home Mortgage

Applying for mortgage loans when you find a home will require different types of information. You will need to provide tax returns, proof of income and a savings or checking account that has the down payment. You will need to provide a copy of the good faith deposit that was given to the realtor. The lender will need to do an appraisal of the property to make sure it is worth the money being asked for it and to make sure you will not need to make any repairs as soon as you move into the home. You also need to provide proof of insurance as soon as the loan is approved.

For the time period leading up to the approval of the mortgage loans, you have to refrain from using any credit cards, obtaining, or refinancing any loans. Mortgage loans are strict and have different guidelines to follow that what a conventional loan does. You have to wait patiently for the loan process to come through. It can take as little as three weeks or as much as two months. It all depends on your particular situation. In some cases, you might have to pay off a debt or two before you can receive financing.

Once the mortgage loans are approved, it goes quickly. You will need to meet with the lender and the realtor for the closing on the house. You will need to bring your down payment along in the form of a cashier’s check and any other documents you were asked to bring. The closing takes about a half hour to an hour and then the house is yours. The title will be documented with the clerk of courts and the property taxes will change to your name. Any property tax monies that where collected by the seller will transfer to your escrow account so that the taxes can be paid at the end of the year. You will then be the new homeowner.


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