If you are buying a house in our area or any other part of the country, expect to go through a rigorous loan process. This process is somewhat tedious, but you need to go thru it so that you can get the loan you want. Documentation, loan application, additional documents and closing are some of the topics we will cover herein.
Your lender requires a lot of documentation in order to lend you money. They will check out your financial data, credit score, and employment information in order to be sure you can pay back the loan. The documentation comprises bankruptcy papers, divorce decrees, purchase agreement, appraisal, rent, deposit, any other mortgage, pay stubs, tax returns, bank statements, and other documents a lender might deem as necessary.
Lenders require that you fill out a loan application in addition to providing other financial data. The underwriter is the employee of the lender that will make sure the application and documentation is complete. The underwriter might take a few days to go over all the documentation provided. The underwriter will either approve the loan or require additional documentation.
The underwriter might tell the broker that certain conditions must be met. This is the point where conditional approval is reached. The removal of these conditions is what is pending. Make sure your documents are accurate and up to date. Once your loan is approved, expect to complete and sign approval papers.
| Current rates as of | ||
| Mortgage product | Posted rates |  |
| 5 years variable | 6.70 % * | 5.75 % |
| 1 year | 6,79 % | 5,99 % |
| 2 years | 6,59 % | 5,74 % |
| 3 years | 6,44 % | 5,19 % |
| 4 years | 6,34 % | 5,14 % |
| 5 years | 6,34 % | 4,79 % |
| 6 years | ||
| 7 years | 7,00 % | 5,39 % |
| 10 years | 7,49 % | 5,89 % |
| *Represents the Prime Rate. Some conditions apply, subject to change without prior notice. | ||
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