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Getting
a home loan might seem confusing or complex, but the
process can be broken down into easily understood steps.
For a better understanding of what's involved, please
click on one of the topics illustrated on the Loan
Process homepage.
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Once
your loan has been approved, a closing date will be arranged.
You and the seller - not necessarily together - must go
to an escrow office and meet with an escrow officer to
review and sign papers. This is the final step - where
ownership of the home is transferred to you. |
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Escrow
cannot close until the escrow holder records a deed naming
you the new owner and issues checks to the seller and
all others entitled to be paid from the proceeds (such
as the seller's lender and any lien holders). In most
cases you will need to bring certain documents with you
and should also expect to pay certain closing costs. |
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| The
types of documents that might be required
include things like a homeowner's insurance
policy. The closing costs would be for things
like points, title insurance, transfer taxes,
and other fees that may be charged. In some
cases, the checks for closing costs must be
certified, so be sure to ask if you need to
do this in advance. |
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| Closing
costs are different from case to case. Often
these fees
are esti- |
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| mated to
range from 3% to 6% of the loan amount. Some fees
are paid when you take out the loan, but most are
paid the day you close escrow. When escrow closes,
you'll receive a statement with an itemized list
of the closing costs. |
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| Click
below to return to the initial Loan Process page,
or to apply or inquire with Progressive Loan... |
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Realtors
Find a Loan Qualify
First Steps Success
Apply or Inquire
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