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Find the best home loan / mortgage loan for you!
Mortgage Loan Approval Process
Your mortgage loan company will begin the work of verifying all the information
you've provided. This process can take anywhere from one to six weeks, depending
on the type of mortgage loan you choose, whether you're buying a home outside your
local community, or a host of other factors.
Within three business days after your mortgage loan application, the mortgage company must
give you an estimate of your closing costs. (The closing is the actual
settlement of your mortgage loan.) You'll also get a statement that shows your estimated
monthly payment, the cost of your finance charges, and other facts about your
mortgage loan.
For many home buyers, this waiting period can be nerve-wracking. So stay in
touch with your mortgage company, be prepared to answer any questions that might
come up -- and remember that mortgage loan companies are in the business of making
loans, not denying them.
Some home buyers find the closing process to be one of the most intimidating
aspects of buying a home because it's so unfamiliar. Ask your mortgage company
what to expect at your mortgage loan closing.
- contains info from the NAMB
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