CassieNet News :: Thinking of getting a mortgage :: Common Questions on Pre-Approval(My 2 cents)

Thinking of getting a mortgage :: Common Questions on Pre-Approval(My 2 cents)

Author: Anonymous
Subject: Common Questions on Pre-Approval(My 2 cents)
Posted: Tue Aug 16, 2005 10:51 am (GMT 0)
Topic Replies: 1

Hi Mortgagefit Community,

I read http://www.mortgagefit.com/mentormarks-encash.html and decided to donate my 2 cents. Here is my 2 cents for the guide.

Questions a Borrower should ask?
Whenever a borrower approaches a lender for a mortgage loan, he should ask the following questions:

Does getting a good interest rate depends on excellent credit rating?
What are the different steps involved in the process of pre-approval?
How much time will it take to complete the process of pre-approval?
Is it allowed to Lock-In the interest rate while buying a home?
Till what time is the Lock-In best for?
What will happen if the interest rate goes down before a deal is closed?
After approval of a loan, will you provide a written commitment?
What are the documents needed at the time of loan approval?
How much time does a loan takes to get approved?
How long will it take to close the loan after getting approved?

Mortgagefit Team please include this under your guide. I hope it will help.

Thanking the whole community
Samantha

[edited by sam, added few more question to make it a part of guide .. Thanks Samantha]

For the full story see:
http://www.mortgagefit.com/discuss/about729.html
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