The loan approval process generally begins with an initial interview where the prospective home buyer and the mortgage professional meet to discuss the potential loan. You will need to bring information to verify your income, debts and assets.Most people meet with Northlawn Financial, Inc. prior to house hunting to determine what price range they can afford and the mortgage amount for which they can actually qualify for. This step is called "pre-qualification" and can save you time and energy by making certain you are looking in the correct price range. It is advantageous to obtain a preapproval so that it can be presented in conjunction with any offer you may put in on a property, as it serves to strengthen the validity of the offer. Quite often, your Realtor will require getting pre-qualified before they will write up a purchase contract on your behalf.
Upon your first meeting with your Northlawn Consultant, you should be sure to bring all items needed to complete the Application process. A list of these items can be found in the "Documents" section of the Northlawn website. Having these items on hand will help speed up the application process.
At the conclusion of your pre-qualification meeting, you will have a basic range of the size home you can afford. Do not hesitate to have your consultant explain any questions that you may have during the pre-qualification process. They can offer you explicit step-by-step information on the mortgage flow process, as well as the next levels of loan submission, actual lender approval and closing.
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