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Before searching for a property, it’s essential to contact a Mortgage Broker to determine your budget. This step prevents wasting time on properties beyond your financial means.
The lender analyzes your income and debt to establish the maximum mortgage affordability.
Once you find a property, complete the Mortgage Loan Application.
Within 3 days, the lender provides a Loan Estimate listing all associated costs (Origination Fee, Appraisal, etc.).
For pre-approval, gather documents like your Driver’s License, Social Security Card, bank statements, paystubs, W2s or 1099s, and income tax returns.
Additional documents may be required based on your situation (e.g., bankruptcy papers, divorce decree).
Post-application, underwriting reviews the Loan Application, and an appraisal ensures the purchase price aligns with market value.
Remember that residential mortgage loans cover various property types, including apartments, condos, single-family homes, and multi-family units (up to 4). Commercial mortgage loans are for 4+ residential units, vacant land, offices, warehouses, and more."
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