If you are looking to buy a home or
refinance your current mortgage, you can't avoid having to
gather a lot of paperwork to apply for a loan. You will need to
satisfy a list of credit requirements, negotiate the best loan terms
and understand a lot of legal jargon.
You will be asked for a stack of
financial documents when you apply for your mortgage. In return, you
will get disclosures and various information. The most important
document you will receive is the good faith estimate of closing
costs.
The good faith estimate is a vital
part of your mortgage application, but there are other details that
you must understand. For example, you need to know the difference
between prequalification and preapproval. You need to be prepared
for the questions the lenders will ask and the questions that you
need answered. You need to know what you should look for in the good
faith estimate. Knowing what all the paperwork and fees is about
will potentially save you a lot of money.
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