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The home loan process can be a lengthy and confusing experience.
Once a home has been selected, the processing of the loan can
take up to 40 days or more if you use a traditional lender. We
believe that the loan process should not be so time-consuming
and difficult. We want our homebuyers to concentrate on the myriad
of daily activities so we have partnered with Countrywide Home
Loans to ensure that happens. Countrywide has cut many of the
steps out of the loan process and significantly reduced the amount
of time it takes. Pacific Legacy Homes will assist you every step
of the way.
Get Pre-Qualified
or Pre-Approved
When you start shopping for a new home it is nice to know how
much you can comfortably afford. There are two buyer tools available
to determine that amount. The following table summarizes the difference
between the commonly used tools:
| Pre-Qualification |
|
Pre-Approval |
|
Provides
a ballpark estimate of your borrowing power. |
|
Provides
proof that you’re approved for a specific loan amount. |
|
Is
based on a summary of key financial information on your
income and assets. |
|
Is based on a verification of your
income, credit card and assets. It some cases, the verification
may not be necessary.
|
|
Requires
a complete and satisfactory review of property, financial
documents and program requirements to issue final approval. |
|
Requires
a satisfactory appraisal and title review and no change
in financial conditions for final approval. |
|
Is
offered by most lenders. |
|
Is
offered by Countrywide as a service to you before you purchase,
at no cost. |
|
How
to get them |
| Contact the local Countrywide
branch |
|
Contact the local Countrywide
branch |
| Call 1.800.825.4863 |
|
Call 1.800.825.4863 |
|
Use
the Countrywide pre-qualification calculator |
|
Get
pre-approved by Countrywide online |
Closing Costs
The closing costs include all the various fees and charges that are paid at the closing meeting. The costs are sorted into three categories: lender-related costs, third-party costs, and prepaid costs.
Lender-related costs are more than just rates and points. Typical costs include: loan origination, discount points, application and underwriting fee, and document preparation fee. Within 3 days of completing your Countrywide Home Loan application, you will be mailed a Good Faith Estimate of what the loan will cost. Third party fees are collected by the lender for services provided by outside parties. Prepaid costs are the necessary charges that cover interest and property taxes and other escrow accounts. The Closing Cost Estimator will provide a quick quote on your loan’s approximate costs.
Closing Your Loan
The Closing Meeting will occur one week after your Pre-Closing Orientation. At the meeting, you will be sign certain documents and pay all expenses to take ownership of your new Pacific Legacy Home. Prior to the closing meeting, you will review the HUD-1 Settlement Statement—a document that provides the total closing costs and establishes the total funds that you will need to bring to closing. The meeting will be arranged at a convenient location and will take about an hour to explain and collect signatures on all the loan documents. Within 48 hours, you will receive the keys to your new Pacific Legacy Home.
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