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Home / Real Estate Information / Home Buyer Tips / Steps In The Financing Process For Buying MA Real Estate

06.06.12 Home Buyer Tips, Mortgage Information

Steps In The Financing Process For Buying MA Real Estate

There are several major distinct steps in the real estate purchase process, and several relate to the mortgage. It can be confusing for both first time and experienced home buyers. This blog offers important information about steps in the financing process for buying MA real estate and includes what you may want to know prior to beginning the process.

Steps In The Financing Process For Buying MA Real Estate

Pre-approval

A pre-approval is an introductory review of your financial information and credit report to determine what you may be able to obtain for a loan. It ensures that you meet the primary requirements for a loan. Pre-approvals do not guarantee that you will ultimately receive a mortgage, but is a typical first step in the mortgage process.

Mortgage Application

An application occurs typically after you have an agreement to purchase a home. You may be required to furnish additional financial paperwork and information. The details on the property are also submitted to the lender for review. They will request a copy of the Purchase and Sales agreement in order to proceed. Your contract may specify that you complete an application before a specific date.

Home Appraisal

An appraisal is mandated by a lender (although you are typically billed the fee for it) to identify the current market value of the real estate. Appraisers will compare your property to others that recently closed in the area within a specific time period. An exact dollar amount is noted. Basically, the value of the real estate must satisfy the amount that the bank is loaning to you.

Commitment

After your financial information and the property details are reviewed, the lender provides a commitment letter. This confirms that no major issues have been identified and that the mortgage company is fairly certain that the loan will receive full approval. There will be a few conditions included in the letter such as an employment verification and last credit check. Therefore, it is important not to make significant purchases or alter your financial situation even after a commitment is issued as it may lead to a fall thru.

Clear to Close

A clear to close is essentially the final approval of a loan. It indicates that all requirements have been completed and that the mortgage company can send the file to the closing agent. This may take place merely days or hours before the anticipated closing date.

The Closing

The closing includes signing of documentation and filing of paperwork into public record. Always bring proper identification and a money order or bank check for any monies due. Personal checks or cash are generally not acceptable. The transfer of money takes place at or immediately after and the real estate becomes officially yours!

Some Extra Advice

Deadlines are a critical facet of any real estate transaction, so make sure that you understand the deadlines and what you must provide to satisfy each one. Getting representation from a experienced mortgage professional and real estate professional is a huge help. They can offer advice and support, monitor deadlines, and make it a more positive experience. As a local loan professional, I can with your lending needs. Contact me, Christopher Graves, at Emery Federal Credit Union via 781-759-1200 x22 or christopher.d.graves@gmail.com.

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Tags: MA, mortgage

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Chris Graves

I grew up in Massachusetts, spent the majority of my young adult life in Boston, and own a home in Windham NH. I have owned properties in MA and NH. I specialize in mortgage lending in Massachusetts and New Hampshire and my company does have the ability to lend in other states. I graduated from the University of Massachusetts in Amherst Massachusetts in 2002. I have a Bachelor’s in Science. In addition to managing a team of loan officers my personal loan production is always in the top of the entire of company. I have personally been in the mortgage business for over 13 years. I pride myself with taking my clients from application to close in the smoothest and quickest way possible, while keeping them well informed during the entire process. I originate my own loans from start to finish and work hand in hand with my loan processors & underwriters to make sure I am updated to the minute with all of my files. I stay up to date with lending guidelines and speak with underwriters on a daily basis to ensure I am aware of all of the lending guidelines in place.

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Topics

  • Local Information (61)
  • Misc Topics (14)
  • Mortgage Information (118)
  • News (22)
  • Real Estate Information (176)
    • Featured Properties (2)
    • Home Buyer Tips (134)
    • Home Maintenance & Repair (12)
    • Home Seller Tips (40)
    • Market Trends (24)

Disclosure

Company NMLS 1788.
Licensed by the New Hampshire Banking Department #13092-MB.
Licensed in Massachusetts.
Licensed in Maine.
Licensed in Florida.
Lender and Broker License #MC-1788 (Not Licensed in Alaska or New York)
http://www.nmlsconsumeraccess.org
Click Here for Our Privacy Policy

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