Mortgages are financial commitments wherein the borrower agrees to make regular payments on the loan in order to buy real estate. Liability for the loan is secured by collateral. People typically finance the purchase of property through mortgages. Typically the loan is repaid for a fixed period, or until the borrower controls the property outright. The lender may evict the homeowner if he doesn't keep up with the mortgage payments.
Obtaining mortgage financing normally involves applying to multiple lenders. Lenders must be provided with evidence of the borrower's ability to pay back the loan. This evidence includes bank statements, tax returns, and employment verification. Lenders typically conduct a credit check as well. Applicants who meet certain criteria are likely to receive a loan at a relatively low rate if their application is approved. A pre-approval process allows home buyers to apply for a mortgage as soon as they decide on a property, such as when they are actively searching for a home. Mortgage approval may enable buyers in an increasingly competitive housing market to have the assurance that their offer is backed by money.
Buyers and sellers who have agreed on the terms of their deal will meet at what's called a closing. Buyer receives ownership title to the property and notifies the seller of the agreed-upon amount, and any mortgage documents remaining on the seller's desk get signed.
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Shant Nalbandian is here to deliver exceptional mortgage solutions for each and every unique client need. We love nothing more than to help our clients save thousands of dollars on interest. Contact us for the latest in market info, and what it can mean for your mortgage. Simply fill out the request form here, and one of our friendly, knowledgeable agents will get back to you ASAP!