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.
