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1. What is the typical home loan process? Answer
2. What is APR? (Annual Percentage Rate) Answer
3. What's the difference between pre-qualification and pre-approval? Answer
4. Once I sign my application am I committed to borrowing money? Answer
5. Internet Statements- Can I use them? Answer
6. Who orders the appraisal and survey, and when is it ordered? Answer
7. What does "locking my rate" mean? Answer

Q : What is the typical home loan process?
A :

1. Complete the pre-qualification worksheet
2. Pre-purchase consultation with an Inbanet home mortgage loan specialist
3. Gather and prepare necessary documents
4. Receive credit approval
5. Obtain a property inspection
6. Loan officer orders home mortgage loan documents
7. Buyer obtains homeowners insurance
8. Inbanet loan experts update you on document status
9. Seven-day pre-closing confirmation
10. Easy, smooth, on-time closing!

 
Q : What is APR? (Annual Percentage Rate)
A : Usually higher than your quoted interest rate because it includes, in addition to interest, some of the additional costs of obtaining your financing.
 
Q : What's the difference between pre-qualification and pre-approval?
A : A mortgage pre-qualification is basically the lenders opinion of your ability to buy or refinance a home. Requires only basic information and no documentation or credit score. A mortgage pre-approval is the underwriter's decision that you are qualified. Credit check and documentation are required.
 
Q : Once I sign my application am I committed to borrowing money?
A : No. Your pre-closing signatures are non-committal but only allow your mortgage banker to negotiate and approve you for a loan.
 
Q : Internet Statements- Can I use them?
A : Internet statements are not allowed because they're not yet seen as completely unalterable by Fannie Mae or Freddie Mac. ALL PAGES of a required hard copy statement must be submitted (1 of 5 - all 5) even if the first page is an advertisement.
 
Q : Who orders the appraisal and survey, and when is it ordered?
A : Your lender will order the appraisal and survey for you. (Unless your home is new construction and then your builder will order your survey) Most contracts have option periods that allow you to dictate when the appraisal and survey are ordered.
 
Q : What does "locking my rate" mean?
A : Locking your interest rate refers to guaranteeing a specific interest rate for a specific period of time. Shorter lock periods usually have lower interest rates. For more information or to compare mortgages and rates, contact Inbanet's qualified home mortgage loan experts or chat one-on-one now!