When applying for a mortgage it can be quite a long process. After you receive your preapproval letter and decide to move forward with the purchase the lender will start your file, give you a list of paperwork required, order an appraisal and credit reports, verify your employment and income, and more. The DiMora Team are real estate experts in the Novi and Northville neighborhoods and we know that the file is then sent to the processor who will review all of your information as well as the appraisal. They will then put together a package of all pertinent information to be sent to the underwriter (the underwriter is the person who ultimately determines whether or not you are an acceptable credit risk). They will assess your ability to repay the loan, your credit, and the collateral used to secure the mortgage – in this case the collateral is the home. Then, just before funding the loan, the underwriter will perform what is known as a “soft pull” of your credit information to see if anything has changed. Check out below to see what sold in Country Place in January 2016:
If you hope to keep your purchase alive, don’t do anything – from application to closing – that might change your financial picture and sabotage your final approval. This means no shopping on credit for appliances, furniture or anything else. Most importantly, don’t in any way reduce the income stated on your application. For more information on Country Place, or similar Northville or Novi neighborhoods such as Highland Lakes, Crosswinds West and Lakewoode Parkhomes, contact The DiMora Team today at 248-505-7728 or firstname.lastname@example.org.