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Providing comprehensive, reduced cost residential real estate
services.
One-person contact, helping clients sell, find, and finance their
homes.
Serving Chester, Delaware, Lancaster, Montgomery, Bucks, and Berks Counties.
Member of National and Pennsylvania Association of Realtors®
Member of Tri-County Suburban Realtors®
Member of Bright MLS
Licensed by the Pennsylvania Real Estate Commission
THE MORTGAGE APPLICATION
AND MORTGAGE APPROVAL
Specified in the Sales Contract, you must complete a mortgage
application, under the terms specified in the Mortgage Contingency section,
typicaly within 7 days of the execution date.
Once your Sales Contract is fully executed, you will want to immediately
contact your mortgage broker, schedule an application appointment,
and discuss the possibility of locking in the prevailing interest rate.
Since you have hopefully already been prequalified or preapproved (See Get Prequalified), you
will already know how you want your financing structured, the amount
of financing, and the loan program.
Your mortgage broker will request copies of the necessary
documentation such as paystubs, W-2s, bank statements, etc. at the time
of the loan application. The application will take 1-2 hours depending
upon the complexities of your financial situation and can be completed
over the telephone or face-to-face. It is best doing the loan application in this way as there will be less misunderstanding with the lender. You will be given copies of
the application itself and all of the required disclosures. Assuming
you applied for conventional, non-subprime financing, you should immediately
receive an automated underwriting recommendation as well. This “recommendation,”
issued from either FannieMae (Federal National Mortgage Association) or FreddieMac (Federal Home Loan Mortgage Corporation), will detail the conditions the lender’s human being
underwriter will want to review prior to issuing a preliminary approval.
The conditions may cover a wide scope, but typically are related to
proving what you stated on the loan application and an appraisal to
validate that the sales price is no more than the fair market value
of the property. You and your mortgage broker should work promptly to
assemble the necessary documentation to satisfy these conditions.
Once your loan application file is complete, your mortgage broker will
submit your file to the lender’s human being underwriter for a
decision. The written approval (a.k.a. mortgage commitment), issued
by the lender, is what is needed to comply with the mortgage commitment
contingency specified in your Sales Contract. You and your mortgage
broker will need to ensure that this written approval is forwarded to
the listing Agent and/or Seller by the specified mortgage commitment
date -- typically 30 days from the execution date.
Once this contingency has been satisfied, you should work closely with your mortgage broker to address any remaining conditions which would be detailed in the lender’s approval. All conditions should be satisfied at least 1 week prior to settlement to ensure that you don’t experience problems at closing.
We hope you consider Professional Mortgage Consultants (PMC) for your mortgage financing needs. See About PMC. PMC is proud of its 100% approval rate over 28 years -- no loan application we’ve taken has ever been rejected. And, our referral rate from previous customers is consistently very high: In 2018, 100% of our clients were either previous customers or referred by previous customers. See Testimonials. Our low overhead plus our unique business concept of one person contact to find & finance your new home means far greater efficiencies than most real estate-owned mortgage companies can provide. Thus, our interest rates tend to be extremely competitive, and we never impose any “junk” fees beyond those of the lender’s charges. Additionally, one person contact for both the real estate sales transaction and the mortgage transaction means less hassle for you, less duplication of effort, and direct access to the one person responsible to getting you to settlement, with no surprises.
Click
here to view PMC's home page detailing further information &
options.
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