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Home > Financial Services > Mortgage Brokers > Approval 1st Mortgage Banc
Approval 1st Mortgage Banc
A Mortgage is a document that contains the details of an agreement between two parties. One of which is a borrower and the other party is a lender. The Agreement will include information like, Loan amount, Time period of the loan, Interest and the collateral on the loan which is normally the property being bought. A mortgage broker is generally a person or company whose expertise lies in the field of mortgage laws, properties available for sale, and loan procedures. They provide these services to clients for a fee which is usually a percentage of the loan or property amount.
Approval 1st Mortgage Banc have many more programs than a traditional bank has to offer such as a 100 percent financing for purchase which can be very helpful if you are looking to purchase a home and you do not have the 10 percent or even 20 percent to put down. They also have many different types of loans for refinancing if you are looking to pay off high interest credit card debt or finance a loved ones college education or whatever the case may be for needing extra cash quickly.
When refinancing or buying a home, you will be required to fill out a 1003 application. After speaking with your loan officer and completing the application, your file will be sent up to their processing department. They will order the appraisal, title information, and any other documentation that may be needed. Their processors will make sure everything is in place so your file may be underwritten and conditionally or unconditionally approved.
Once your loan is final approved and all contingencies are met, your loan will be sent into their closing department. Their closers will make sure all conditions are met and then issue a ready to close. Your Loan Officer will call you to set up a convenient time and day to close your loan. If you are doing a purchase, you will receive your money at the closing table. If you are refinancing, you will have a 3 day right of revision if the loan doesn't seem favorable. After the 3 days is over, you will receive any money coming to you and your previous loans will be paid off. This entire process, with your cooperation , should take anywhere from 1-4 weeks.
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