For The First Time Home Buyer - Key Documents provided during the Loan Process

Buying a home is a legal and financial transaction......Yes that's right!!  You've got to prepare to review and sign a lot of documents. Review and signing documents during the loan process is just the start........but that's easy right?

One of the first document you will be given by the Lender is what is called  'The Good Faith Estimate".  This is a breakdown of what you are expected to pay when you close on the transaction to purchase you home.  Now note that this is an estimate.  The amount you really pay at closing can be slightly different.....But don't worry ...you will get the specific figure closer to closing of your loan.   The estimate will include -  appraisal fee, title search, title insurance, fees for a survey if you need one, recording fees, attorney fees among others.

Then there is the "Truth in Lending Disclosure " .  The Truth in Lending Disclosure required lenders to disclose "cost" of borrowing.  This document clearly states the Annual Percentage Rate (APR).......This document is  a form of consumer protection......The APR is intended to make it easier for consumers to  compare lenders and loan options.  We've got you covered ......complete disclosure....don't worry!!! 

You've decided on the best type of loan for you.....what's next......  You'll want to know the interest rate available on that loan.   The higher the interest rate the more your monthly principal and interest payments.
Once you have decided on the rate ...have your lender lock it....so that  you are guaranteed this rate for a certain period of time.......Better be enough time for you to close the deal so you can move into your house!!!!

For the First Time Homebuyer - The key People in the Loan Approval Process

Now that you are pre-approved for a loan...did you know that there are several people who work hard to assist you with this approval process.   It is not just the Loan Officer.

There is the LOAN PROCESSOR.....who makes sure that all the correct steps are taken, such as ordering the credit report, the appraisal, and compiling all the necessary documents needed for the file.

Let me tell you....it's good to know this person because he or she will be a valuable source to provide information to you  about the status of your loan and can answer some of the questions you may have regarding the appraisal or about your good faith estimates.

Then there is the LOAN UNDERWRITER...who actually gives final approval of the loan.  This is the person who gives the all clear that the loan has been approved.

I know what you are thinking.....what happens next?   what papers do I need to sign?.....Don't worry I'll keep you posted!