A mortgage commitment is a very common contingency for the purchase of most properties. All buyers should obtain a written mortgage pre-approval prior to searching for any property as sellers do not even entertain offers that are not accompanied by a written mortgage pre-approval! A mortgage pre-approval informs the seller exactly how much a buyer will qualify to borrow in addition to their cash down payment, and that the buyer's credit, employment and funds have been verified. I will be in touch regularly with the lender throughout the entire transaction in an effort to monitor the process, prepare and submit all requested closing documents, meet with the appraiser, secure the written mortgage commitment in a timely fashion and to generally assure the process proceeds smoothly and ultimately closes without incident. Please read my current Market Update!

Federal Lending Standards require your lender to supply you with a "Good Faith Estimate" of your estimated closing costs within a few days of your formal application.   Please review more information on the FDIC.gov website! Request a written estimate of all application & closing costs, fees, appraisals, points etc and a complete list of required documents to be submitted with your application. Current legislation also requires lenders to supply the buyer with a copy of their credit score which may assist you in negotiating a better interest rate as well as the overall financing package. Request a copy of the actual appraisal when complete as you have paid for this as part of your actual loan application fees.

Depending upon the closing date but typically within fifteen to thirty days after executing the Purchase and Sales Agreement or "P&S" (See Sample Documents), the mortgage company will issue the final written mortgage commitment. The mortgage commitment verifies to the seller and buyer that the lender has secured an independent appraisal of the property, verified the accuracy of the P&S and has begun the initial title search. Time is of the essence in an effort to secure the financing in a timely fashion, so please submit all required documents as the actual underwriter of your loan does not begin processing your loan until all "i"s are dotted and "t"s are crossed! Please keep in mind that the lender usually does not begin processing the closing documents, deed and funds until the last week just prior to the closing date. So be prepared for a few last minute details...see more information in regards Closing Information.

Recommendations

You can order your credit report by mail, phone or directly from the websites of the three major national credit bureaus: Equifax: www.equifax.com, Experian: www.experian.com, TransUnion:   www.transunion.com, by simply filling out a short form with your personal information on their secure website. Also, many loan programs are becoming more difficult to secure especially in the jumbo loan market...your choice of lender will prove to be a valued asset! The absolute best recommendation for any prospective buyer and/or seller who will repurchase a new home; is to research your choices thoroughly so that you have truly educated yourself with this process and compare your best options...trust me, it will make a huge difference when it comes time to close!

I have been involved in hundreds of real estate transactions, and I can impart the following contacts with confidence. In my opinion, these people are very experienced in Boston's mortgage market and possess the necessary skills to help navigate you through the entire process. Please understand that this is not a recommendation, just another opportunity to do business by relationship. Consult with your friends, relatives, neighbors and business associates for their recommendations! However, the vast majority of my client base has hired their services...request references:

Please note that www.Richhaen.com nor it's agents assume any responsibility for the services of the aforementioned parties. This list is simply a matter of courtesy, consult your yellow pages for additional companies. We strongly suggest that you contact the Better Business Bureau @ 617 426-9000 or write The BBB @ 20 Park Plaza, Suite 820, Boston MA 02116-4404 (www.bbb.org).