How to obtain a high-quality housing loan? – Five steps, the third step

How to obtain a high-quality housing loan? – Five steps, the third step Last week we talked about the second step on how to obtain a high-quality home loan. Anyone who wants a loan needs to do...

How to obtain a high-quality home loan? – Five steps, step three Last week we talked about the second step of how to obtain a high-quality home loan, and what preliminary work people who want a loan need to do. Now we’re going to continue teaching you the next steps on how to get a quality home loan. Step 3: Apply for a loan: After getting the house purchase contract approved by the buyer and seller, the buyer should immediately ask the housing agent to go to the notary office to file the case. Buying a house requires a deposit (earnest money). Some deposits are $1,000, while others require 5% of the purchase price of the house. Each seller's requirements are different, especially for short-sale houses and bank houses. Under Arizona home purchase contracts, there is usually a 10-day appraisal withdrawal clause, or it may be determined by other contract terms. Usually once the 10-day period is up, as long as the buyer has not signed the removal clause (Removal Contingency), the buyer can still cancel the contract and get the deposit back! Immediately arrange a home inspection, require the seller to perform termite removal work, and require the seller to purchase home facility insurance (Home Warranty). Submit the house purchase contract to the selected lending bank and provide the notary's contact information. Prepare your pay stub, W2, tax return, bank statement, and your personal data to hand over. A loan officer will arrange a home appraisal for you. If the appraisal is lower than the purchase price, you will need to pay the difference. The full amount of the loan is determined by the appraised value of the home. Loan approval takes 2-3 weeks. You will be required to go to the notary office or usually to the title company to sign the legal documents of the loan. At the same time, you will pay the title company including: down payment, handling fees and other fees. The bank will release the loan within 2-3 days, and the entire house transfer process will be completed. The transfer of legal procedures is officially completed only after the property rights company completes the ownership registration procedures with the county government. The buyer picks up the keys to his new home from the real estate agent. (This article is not finished and will be continued next week - five major steps, step four)