Home Equity Loan Vs. Mortgage: What’s The Difference?
Home Equity Loan Vs. Mortgage: What’s The Difference? The numerous loan terms introduced can be confusing when looking for a home, especially for a first-time
At Camino Real, our experienced team can help you find the best mortgage deals on the internet. Get pre-approved with us to negotiate from a position of strength and to review monthly payments, down-payment requirements, and closing costs. Let us guide you through the process to find the perfect mortgage that meets your needs.
Congratulations on your decision to buy a new home! There are many important things to consider throughout the process, especially if you’re a first-time homebuyer.
Our online application process is conveniently designed to allow you to stop any time and pick up where you left off. After you submit an application, you can check loan status at your convenience.
If you are planning on remodeling your home – be it a kitchen, bathroom or backyard – you can contact one of our mortgage professionals who will help find the right loan for you.
There are an infinite number of loan types out there. The type of home loan you choose can make or break you as a borrower, so make sure you fully understand it before making any kind of commitment.
What you will need:
We recommend that you get pre-approved with us before you shop, so that you can negotiate from a position of strength and look in a price range that fits your criteria. Another important reason to be pre-approved is that this is also a good time to review the monthly payments, the down-payment requirements and closing costs that you can expect to pay.
The next step is to lock-in the current interest rates and points for your loan of choice for anywhere from 30 to 60 days. You may also elect to allow the interest rate to float, so that you can lock it in at a later time. If you decide to let the rate float you may end-up with a rate that is higher or lower than the rate on your date of application.
After you have reviewed disclosures, we will order a property appraisal, to determine the fair market value of the home, you will be required to pay for the appraisal. When refinancing with certain loan programs, an appraisal may not be necessary. Remember that the appraiser will give an opinion of value, the appraiser does not guarantee the condition of the home, we strongly recommend that you hire a home inspection company to determine the condition of the home.
You will then sign and return all required disclosures and any additional documentation needed to satisfy the conditions of the loan. When we receive the appraisal, a credit report, signed disclosures, and additional obligatory documentation, your loan officer will prepare and submit conditions for final approval.
After finalizing the mortgage loan process, a licensed title agent will handle the settlement process. Your Loan Officer and Real Estate Agent will assist you in coordinating this process. You’ll need to bring a cashier’s check for the down payment and other fees if you’re buying a new home. You’ll have to read and sign numerous documents during the settlement. We’ll wire the loan funds to the settlement agent, and the property owner or lender will be paid in full. Finally, the property’s ownership will be transferred from the seller to you.
Please do not use commas. The accuracy and applicability of the calculator below are not guaranteed.
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