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moorpark real estate - However, to help you avoid making the common mistake of extending an offer beyond your buying power, Quicken Loans takes the pre-approval process one step further. When Quicken Loans receives your application and documentation, we verify your employment and financial information to ensure it is within our underwriting guidelines. As long as your financial picture does not drastically change, after it has been confirmed, you're approved - with the condition that the home you are purchasing appraises for the purchase price. This extra step solidifies how much home you can purchase, and strengthens your negotiation power with re_altors and sellers. Most lenders require a small fee to apply for a loan, which is typically used to cover the cost of the appraisal and credit report. You will pay this fee up front because the lender has to obtain an appraisal in order to approve your loan. Regardless, if you decide to go through with the loan and purchase the property, the lender has to pay the appraiser and the costs to obtain your credit report. Final approval is when you have found your home, it has been appraised, the title report has been received and everything has been found to be acceptable to the lender. Once you receive final approval, you're ready to close. Knowing the difference between getting pre-qualified and getting
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pre-approved can help you avoid costly mistakes - including bidding on a home that is outside your price range. HUD-1 Settlement Statement: This form lists all closing costs and other monies payable at closing in connection with your mortgage loan. It includes loan fees, points and sums set aside for escrow payments, such as taxes and insurance. On purchase transactions, re_altor commissions and tax prorations may also be included. Truth-In-Lending Statement: This federally mandated form sets forth the "Annual Percentage Rate" (APR) on your loan, which is your interest rate adjusted to account for points and other closing costs. You received an "initial" Truth-in-Lending Statement shortly after applying for your mortgage. This "final" Truth-In-Lending Statement takes account any changes that may have occurred during the process. Mortgage Note: This document is your promise to repay your loan. It contains many of the important loan elements, such as your loan amount, interest rate, due dates, late charges and the terms of your mortgage. Mortgage / Deed of Trust: This document contains a detailed "legal description" of your property, and confirms that you are pledging the property as collateral for repayment of your loan. It also sets forth your agreement to keep the property insured, pay all property taxes, and otherwise keep the property in good condition.
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