The new guidelines make it an even better idea for buyers to get more than one estimate for their mortgage. Lenders must now provide you with a loan estimate no later than three business days after you apply for a mortgage which outline the exact terms of the mortgage: loan amount, interest rate and closing costs. You will know the loan will cost you over the next 5 years and how much of the principal will be paid off during that time. You will easily see which lender offers you the best value.
Now it begins. Go to http://ateamflorida.com/buyers/ to learn more about the buying process and then call us at 954-964-2559.
Once we have a deal, we contact your lender and provide them with the signed contract so they can start to process your loan. Three business days before closing, you will receive a five-page document from your lender called the closing disclosure. It will contain much of the same information as your initial loan estimate. You will know EXACTLY what to expect as far as expenses and fees and there will be no “surprise” changes at the closing table
Be very careful not to do ANYTHING between the signed contract and closing date that will affect or change your credit worthiness.
- DO NOT make any big purchases; i.e. furniture, appliances or a car.
- DO NOTHING that will cause a credit check.
- DO NOT sign up for any new credit cards even if there is a great incentive like lower interest or discounted merchandise.
- DO NOT quit or change jobs. Even if you will be making more money, hold off. Job history is more important than a new wage rate.