Don't make any adverse changes to your financial
"picture" during this time between approval and closing.
Innocent mistakes range from applying for a new department store
credit card, to purchasing a refrigerator for the new house, to
buying a new car, to quitting a job to go full-time into a new
business.
When you supply us information to help verify your income,
employment, assets and credit history, we will obtain a credit
report directly from the credit bureau.
Glossary
O
Offer: indication by a potential buyer of a
willingness to purchase a home at a specific price; generally put
forth in writing.
Origination: the process of preparing, submitting, and evaluating a
loan application; generally includes a credit check, verification of
employment, and a property appraisal.
Origination fee: the charge for originating a loan; is usually
calculated in the form of points and paid at closing. Charged by a
lender to prepare loan documents, make credit checks, inspect and
sometimes appraise a property; usually computed as a percentage of
face value of the loan.
Equal
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