Explore the Mortgage101 Library
Check Local Mortgage Rates
Calculators
FEATURED CALCULATORLoan Program Choices
Use our calculator to find out your estimated monthly payment in advance: Enter the loan amount, interest rate, and length of mortgage.
Try our Mortgage Payment Calculator
TERMINOLOGY
Your mortgage company will begin the work of verifying all the information you've provided.
This process can take anywhere from one to four weeks, depending on the type of mortgage you 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 a good faith estimate of your closing costs. You'll also get a statement that shows your estimated monthly payment, the cost of your finance charges and other facts about your mortgage.
Stay in touch with your mortgage company to > speed up the application process. Some home buyers find the closing process to be one of the most intimidating aspects of buying a home because it's so unfamiliar. If so ask your mortgage company what to expect at your closing.
Once you receive your approval and you're waiting to close on the sale of the home don't go on a shopping spree. The mortgage lender may do a final check of your credit report or bank accounts to make sure you're not assuming more debt or spending your cash reserves. There are steps you can take to quickly if your loan is denied.
More Articles...
What Are Typical Mortgage Down Payments?
Short Selling a Rental Property
- Appraisal Basics
- What Lenders Don't Reveal About Home Equity Loans
- Alternatives to Getting a 2nd Mortgage
- 3 Reasons Banks Reject Short Sales
- FHA Loans for a First-Time Home Buyer
- Should You Refinance? Make Sure the Timing is Right
- 3 Common Short Sale Mistakes
- FHA Eligibility with Bankruptcy and Foreclosure
- Second Mortgages: Advantages and Disadvantages