THE MORTGAGE PROCESS Carteret Mortgage Corporation makes buying new home or refinancing your current home a straightforward, no-hassle process. Either call the 800-699-3350 or fill out and application online. A mortgage and credit specialist will get in touch with you and will let you know the amount for which you pre-qualify for. A list of documents below will guide in what documents your need for this process. Upon receipt of the completed purchase agreement (purchase), or in the case of a refinance loan a few different proposals will be drawn up. During this process you be explain how the different proposals compare. You will also be informed as to how your credit applies to the structure of the loan. The short and long term implications of the loan will also be defined. Other topics that will explained in detail are, the 3 major credit bureaus, amortization schedules, early payoffs, equity and tax advantages! The property appraisal will be ordered to determine the market value of the property. Next, the preliminary title work will be ordered. After receipt of completed appraisal and verifications (underwriting), a closing date that is agreeable to all parties will be set with the closing agent/title company/lender. The closing agent will have you sign all the necessary documents and will supply you with copies of these forms. Closing for a refinance will take place at your home. A purchase will be determine. Closing will take approximately one hour. "Closing" is simply a meeting of all parties associated with the selling and buying of a home to make certain all documents are in order, all papers are properly signed and the correct amount of money is on hand to finalize the transaction. Total time from application to closing is as quick as ten (10) days !!
