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Mortgage Process FAQs

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Mortgage Process FAQs

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  1. Mortgage Process   FAQs MORTGAGE Common FAQs related to mortgage process: 1 What is the meaning of pre-qualification and pre-approval? Approved Pre-qualification is the process where creditworthiness of borrower is evaluated by lender based on documents and financial summary submitted. Whereas, pre-approval provides borrower a document that mentions the maximum loan amount he can avail and conditions associated with it.  2 What will the rate be? Various factors like the loan purpose, credit history, ability to repay, collateral value and the loan amount determine the interest rates. It is also based on government's financial policy and other economic factors. 3 How to start the application process? Borrowers can either visit the bank branch or fill the application online on the bank’s website. Applicants need to submit their social security number, contact details, employment information and income & assets details. $3500.0 4 What are the  closing costs? It is the fees paid at the closing of a real-estate transaction. Costs like title insurance fees, appraisal fees, documentation fees, etc are included in the closing costs. 5 What is monthly payment? A mortgage payment includes principal, interest, taxes, and insurance. These components may be divided up and paid in various ways depending upon type of mortgage. 107 W. Hwy. 190 Copperas Cove, TX 76522 254-542-5100 2201 Trimmier Rd. Killeen, TX 76541 254-680-6158 3106 S. WS Young Dr., Bldg. D, Ste. 402 Killeen, TX 76542 254-953-7000 14641 S. Padre Island Dr., Ste. B Corpus Christi, TX 78418 361-949-4647 10961 Gateway Blvd. West, Ste. 200 El Paso, TX 79935 915-843-2681 8522 Broadway St., Ste. 208 San Antonio, TX 78217 210-340-0404 1320 N. Zaragoza Rd., Ste. 111 El Paso, TX 79936 915-858-1996 7348 W. Adams Ave., Ste. 200 Temple, TX 76502 254-771-0020 201 E. Central Texas Expwy., Ste. 1600 Harker Heights, TX 76548 254-680-6155 16165 North 83rd Ave., Ste. 200 Peoria, AZ 85382 480-752-3110 100 W. Central Texas Expwy., Ste. 300 Harker Heights, TX 76548 254-690-3765 www.fcmloans4u.com Image Source: Designed by Freepik

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