Located next to Phoenix, Scottsdale, AZ is becoming a well-known tourist destination. In this city, tourism is the primary industry. Packed with interesting western culture and a great school system, calling Scottsdale home is a good idea.
Whether you are a Scottsdale, AZ homeowner considering a refinance or home equity loan, or you are thinking of moving to Scottsdale and you need a new mortgage, the first step in the process is to talk with a lender about the kinds of loans you might be eligible for. In order to offer you this information, your lender will first want to run a credit check. Do not let a below average credit score dissuade you from applying for a mortgage. As the mortgage market continues to grow, there are many kinds of mortgages and refinance loans available for people at a variety of credit rating.
Applying for a mortgage
When your lender has carefully reviewed your credit, he or she will want to see some documentation in regards to your employment history, your current employment status, and your average household income. Be sure to bring each of the following with you to speed up the process:
When you have applied for your new mortgage, home equity, or refinance loan, expect to see a number of documents come from your lender’s office.
Good Faith Estimate: The first of these documents should be a Good Faith Estimate. This is required by federal law to be dispatched to you within three days of your loan application. It will outline all of the closing costs of your loan. Keep in mind that it is just an estimate. It will not be final until twenty-four hours before your loan is due.
Truth in Lending Act statement: Another document you should see from your lender right away is the Truth in Lending Act statement. This will not only let you know about the interest rate on your loan, but also the costs that factor into that interest rate. It should also give you an estimated payment amount on your loan.
Equal Opportunity Credit Act disclosure: Finally, you should also see an Equal Opportunity Credit Act disclosure form either in your lender’s office or with this batch of paperwork. This is a statement that explains the guarantee that you cannot be denied a loan on the basis of race, gender, or religion.
At closing day for your Scottsdale, AZ, mortgage, home equity, or refinance loan, expect a number of things to happen. First, you will need to bring a certified check for your down payment and/or closing costs. If you have a refinance loan, in many cases, the closing costs will be included in the loan amount, so you do not need to be concerned about bringing a check. The next step is to sign all of the loan’s paperwork. Expect to see a HUD-1 Settlement statement. It will look similar to your Good Faith Estimate, but this time, the included costs are final. If your interest rate has changed over the processing of your loan, you will be presented with another copy of the Truth in Lending Act statement with your new interest rate. You will also see a copy of the mortgage note, which is your promise of repayment to the lender.
When you have finished signing the paperwork, your Scottsdale, AZ refinance, home equity loan, or mortgage loan will be in place. If you are ready to start the process, take a moment to fill out the form below, and a lender will contact you right away to discuss your needs.
