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Application Essentials
After the
Application
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4 of 6
Application Essentials
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Your mortgage 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
your choose, whether you're buying a home outside your local
community, or a host of other factors.
Within three business days after your application,
the mortgage company must give you an estimate of your closing
costs. (The closing is the actual settlement of your 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.
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 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 closing
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