How to obtain a high-quality home loan? – Five steps, step four

How to obtain a high-quality home loan? – Five steps, step four Last week we talked about the third step of how to obtain a high-quality home loan, what are the steps to apply for a loan...

How to obtain a high-quality home loan? – Five steps, step four Last week we talked about the third step of how to obtain a high-quality home loan, and what are the steps to apply for a loan. Now we’re going to continue teaching you the next steps on how to get a quality home loan. Step 4: What is a prime loan? 1. The loan specialist will first introduce you to the entire process of your loan application to give you an idea. 2. Before accepting your loan application, the loan officer must carefully read all relevant documents provided by you and inform you of any missing documents. 3. The loan specialist should use a professional calculation system to conduct a preliminary review for you on the spot. If you are still far away from the loan qualification requirements, you should be informed of how to make feasible and legal remedies to qualify. 4. When the professional quality of the loan officer is beyond question, you need to know: A. How much the bank's fees are for the entire loan, and whether there are any hidden fees. The direct lending institution will issue a legally valid loan fee list (Good Faith Estimate) on the spot. You may refuse to pay any fees other than those listed on this GFE list. B. Consulting the interest rate loan specialist should inform you of the characteristics of different loan options with different terms at that time, and let you know how much your annual borrowing costs will be for different terms such as 30 years or 15 years, plus local taxes, and even the expenses on the entire house. C. Bring the sales contract to the loan officer to read and ask him/her to tell you whether you can close the loan within the 30 or 45 days specified by the title company. And understand the review progress of this agency. 5. The loan officer should check your latest credit report and carefully check every part of the credit report, such as whether there is any record of late payment of mortgage fees. If there is a record of late payment within the past three months, your loan may not be approved. Another example: whether there is a debt collection company to collect the money (Collection), if so, the applicant must handle this matter, otherwise the loan will not be approved. 6. When the loan specialist receives your loan inquiry, he will help you check the value of the house you want to borrow in the relevant system. If it is basically consistent with the purchase price, he will arrange a scheduled house appraisal for you. Otherwise, the applicant may waste the valuation fee. 7. A loan officer who provides high-quality loans should accept your application from the beginning and care about the entire loan until the last step: the disbursement. During this period, if any documents need to be supplemented or unexpected situations occur, we will try to solve it for you as soon as possible until the entire loan is successfully completed and you get the keys to the house. 8. A good loan you get should have No Pre-Payment Penalty. 9. A qualified loan officer will tell you that if there is a 10-day valuation withdrawal clause in the sales contract, once the 10 days expire, the buyer can still withdraw from the contract and get the deposit back as long as the buyer does not sign the removal clause (Remove Contingency).