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Navigating
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Welcome to The Loan Vortex ! Years of experience in real estate and financing prompted the creation of this booklet. The most consistent comment from clients is a sense of frustration about the loan procedure. There's not a lot of logic or common sense involved in obtaining financing for your home. It's very tedious and process oriented. There are many quasi-governmental agencies and regulatory bodies acting as watchdog to the mortgage industry. For a brief time, you will be a victim of these regulators to the extent that your application for financing must comply with extensive rules and guidelines as established by these agencies. As consumers, we all benefit from these rules, guidelines and stringent compliance requirements through great rates on long term interest rates. The downside is that it is a journey for you into an area ... a process ... a procedure about which you have little if any experience, insight or understanding. You've searched for your new home and now you've found it and strategically negotiated your purchase. Financing is a key component supporting this purchase. Theoretically, all you should care about is the end result - an approved loan which funds on time. The reality is that you will be forced into this process which we've named the Loan Vortex. Our belief is that a fundamental understanding of the Loan Vortex will mitigate your apprehension about financing your new home. |
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FAQS WHEN WILL I KNOW HOW MUCH MONEY TO BRING TO CLOSING?Closing figures tend to come together in final form often only just before closing. Just take my figures from the Good Faith Estimate and add a contingency of $500 to $1000. The attorney will cut you a check back for the difference. CAN I CLOSE BY POWER OF ATTORNEY? ANY OTHER ITEMS TO BE AWARE OF?
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