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The interest rate remains the same, allowing you to lock in the rate for the life of the loan. This type of mortgage provides a stable and predictable monthly payment versus an adjustable-rate mortgage which comes with a varying rate & payment through the life of the loan.
In the consumer mortgage industry, debt-to-income rate (often abbreviated DTI) is the percentage of a consumer’s monthly gross income that goes toward paying debts
Initial disclosures (also referred to as the loan Estimate or the LE) are the preliminary disclosures that must be acknowledged and signed in order to move forward with your loan application. These disclosures outline the initial terms of the mortgage application and also include federal and state required mortgage disclosures
You can consider the closing disclosure (often abbreviated CD) as the final version of the loan estimate, formerly called a good faith estimate, which you received when you first applied for your loan. While the loan estimate outlined the approximate fees you would pay for your mortgage, the closing disclosure uses the real numbers, which is why you need to read the closing disclosures carefully and ask about anything you don’t understand
If you are not purchasing a home with cash, you will need a mortgage lender. All lenders are required to determine how much of a mortgage you qualify for. It is my goal to work with you to get a loan that meets your individual needs.
Getting a pre-approval helps you:
Be taken seriously as a buyer.
Present a strong offer.
Know how much you can afford.
Have negotiating power.
Speed up loan processing time for a quicker, smoother & more competitive closing.
Basic documents each borrower will need to bring with them are:
Valid Government-Issued ID.
Social Security Card
2 most recent complete bank statements
2 most recent W-2s
1 month’s worth of recent paystubs
The loan application consists of payment & debt history, employment info & a few basic home ownership questions. The loan originator will create your file & request additional documentation accordingly. In order to properly determine your debt-to-income ratios, the lender will also need to run your credit(s) at this time. The file is then sent to underwriting for review.
The underwriter analyzes the loan file to determine if it can be approved. You may be asked for more info, but don’t be frustrated - this is normal! The underwriter will issue an approval, & you’re ready to finalize your home purchase!
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Carlos and Fabiola Alfaro Real Estate Team
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