So, you’re considering a mortgage, but you’re feeling a little intimidated? Take a deep breath: we’re here to make things okay.
At Ridgewood Savings Bank we’ve been helping people buy homes for over 90 years. Today, we’ll walk you through the mortgage process, and introduce you to the professionals that make home ownership easy.
It helps to start things off by getting pre-qualified for a mortgage. Pre-qualification will help define your budget, and it’ll speed things up when you make an offer. At Ridgewood, we prefer to complete all pre-qualifications in person. This ensures accuracy, and it saves some hassle down the road.
Once you’re ready to make an offer, stop in and talk to one of our mortgage consultants. They’ll answer your questions, help you fill out your mortgage application, and guide you into a loan program that fits your needs. Be sure to bring income verification, asset verification which could include gift money from relatives or award letters from the municipality and a contract of sale to your meeting.
When you turn in all of your forms, where do they go? Are you just dumping everything into a black hole? No, they’re sent to a processor, an underwriter, and an appraiser.
It’s the processors job to compile your mortgage application file. They’ll order an appraisal report to verify the information you’ve provided. The appraisal report assures both the lender and the borrower that the purchase price is reasonable.
After your file has been compiled, it’s sent to an underwriter so that a final decision can be made. The underwriter will review the completed application and will determine if the results meet all the guidelines for approval. If the application is approved, a loan commitment is issued and you can start breathing easier.
If you have any questions in the meantime, check out our informative website Joyofhomeownership.com. Or, come in and meet with the knowledgeable Mortgage Consultants at Ridgewood Savings Bank.
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