CHECKLIST-GETTING A MORTGAGE
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Now that you've prepared yourself...considered all the factors, conducted the research, asked questions, and studied the process carefully...Here's a checklist to help you review and record the BEST MORTGAGE OFFERS for you. Below is a loan comparison chart to help you keep track of the different offers. |
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1. Doing Your Homework |
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Comparing banks, mortgage brokers, mortgage lenders |
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Comparing interest rates and fees |
2. Credit check-up |
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Pull your credit report |
3. Get the right loan for you |
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Loan length (15, 20, 30 years) |
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Fixed or Adjustable |
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Analysis of your finances-can you afford the loan you're asking for? |
4. Get pre-approval, not just pre-qualified |
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Pre-approval |
5. Select a home to buy |
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Sales contract |
6. Get a home inspection |
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Initial Inspection report |
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Any required repairs? |
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Repairs made and final inspection completed |
7. Shop early for home insurance
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Insurance quote |
8. Make sure to get everything in writing |
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Sales contracts, agreements and documents |
9. Don't sign anything without reading it |
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Sales contracts, agreements and documents |
10. Know your rights |
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Equal Credit Opportunity, Real Estate Settlement Procedures, Truth-in-Lending |
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Within 3 days of loan application, receive good faith estimate |
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Receive Truth-in-Lending disclosure |
11. Allow time for delays |
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Closing date |
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Landlord notification for lease termination |