Two
Key Factors in Qualifying for a Home Loan
When a lender makes a decision about a mortgage application,
they consider two basic factors: your ability and willingness
to repay the loan.
Mortgage
Terminology
A glossary of mortgage terminology.
Economic
Terminology
A glossary of mortgage terminology.
RESPA (Real
Estate Settlement Procedures Act)
This law protects consumers from abuses during the residential
real estate purchase and loan process and enables them to be
better informed shoppers by requiring disclosure of costs of
settlement services.
Annual Percentage
Rate (APR)
In comparing any type of loan, whether it be a fixed rate loan
to a fixed rate loan, adjustable rate loan to adjustable rate
loan or fixed rate loan to adjustable rate loan, there is one
way that can be used to compare apples to apples and even apples
to oranges.
Choosing
A Mortgage Company
When you are ready to shop for a loan, you can work directly
with a lender or with a mortgage broker representing many individual
lenders.
Your
Initial Meeting With A Lender
The loan approval process generally begins with an initial interview
where you and the mortgage professional meet to discuss the
potential loan. You will need to bring information to verify
your income and long-term debts.
After
The Mortgage Application
Your mortgage company will begin the work of verifying all the
information you've provided. This process can take anywhere
from one to four weeks, depending on the type of mortgage you
choose, whether you're buying a home outside your local community,
or a host of other factors.
Speed
Up The Mortgage Process
Once complete, your application will be given to a processor
in the mortgage company who will organize your paperwork and
may verify your employment, bank balances, and other information.
Escrow
Account Basics
Mortgage escrow accounts are special accounts set up in which
money is held to pay for property taxes, fire and hazard insurance
premiums, mortgage insurance premiums, and other escrow items.
Real Estate Transaction
Forms
Mortgage Application, Good Faith Estimate, Truth in Lending
and other pdf documents.
