Fairfax, VA -- (SBWIRE) -- 09/12/2012 -- Two people integral to your success in buying a home in Virginia are your Realtor and your mortgage lender. A professional Realtor at Debbie Dogrul Associates will help you find the house that suits all of your needs for a price that works with your budget. Meanwhile, your lender holds the purse strings to what may be the largest investment of your life. This professional plays a critical role in the success of your house purchase. And that’s why your Realtor should also be able to help you choose the best lender.
In the real estate market in Virginia, about 90% of homes are sold with a mortgage in place. If you intend to purchase a home in VA, of course you will want to receive the very best interest rate possible. But what truly makes the difference between receiving a “good” mortgage and an “excellent” one is not just the rate that you receive, but also the level of service and care that you receive from your lender.
At Debbie Dogrul Associates, we want to help you understand the mortgage process from start to finish. Before you apply for a mortgage, you should know which type of loan is best for you. There are several different types from which you can choose. Some of these include a fixed-rate mortgage, which means you will pay an unchanging amount of interest on your loan for a fixed amount of time; an adjustable rate mortgage (ARM), which means the interest rate fluctuates within predetermined intervals; and a flexible payment ARM, in which the borrower can choose from different payment methods every month. Different types of mortgage repayment plans are suitable for different people, so it is a good idea to research what type of loan is best for you before completing the application process.
Once you apply for a mortgage loan, there are three main departments that it will go through before you find out whether your loan has been approved:
Processing Department: A representative will review your application to make sure that all of the information that is needed is present. You may be asked to provide pay check stubs, proof of your checking account balance, and/or other financial information. It helps to have all of this information organized and accessible before you begin your loan application process.
Underwriting: In this department, they review all of the information from the previous department. They go over everything with a fine-toothed comb, focusing on small details. A loan application may take several days in this department, as it is very detail-oriented.
Closing: Once the underwriting department has checked and confirmed the whole package, they send it to the closing department. The closing department then assembles the loan package paperwork and sends it on its way to the settlement company.
When you buy a house, you are really required to purchase several other items as well, including a home inspection, home owner’s insurance, a mortgage loan, and possibly membership in a home owner’s association. A good Realtor, like the ones at Debbie Dogrul Associates, can help you find the best mortgage lender for your unique situation. Visit TeamDDA.com for more information.