After you submit your
mortgage loan application, a qualified
mortgage representative often will conduct an interview and request
additional information from you to determine your qualifications for a
mortgage loan.The type of information that is normally requested is e.g.
name, address, phone number, employment history, income verification,
social security number. All the information obtained is confidential
based on the provisions of the privacy policy...which you can request
from your mortgage representative. The reason that this information is
needed is it helps the loan representative determine which type of
mortgage loans you qualify for.
One important factor that will impact the type of mortgage loan
products and rates you'll be approved for is your credit score. Your
loan representative will look at your credit scores from Equifax,
Experian, and TransUnion. The middle number from the three credit
scores
will be used as your qualifying score.
Other important factors that will be reviewed before your lending
representative can find and discuss your mortgage options with
you are... your loan to value ratio a.k.a. LTV (this is how much you are
borrowing compared to the value of the property) and your
debt to income ratio. (how much money you make per month compared to how
much you pay in billls, as reflected in your credit report). Your
proposed mortgage and tax payments
are also calculated in this number.
After some suitable mortgage loans (programs) are selected, and
you insure you have a very clear understanding of what the program is,
your mortgage representative will provide you with a list of documents
your lender will require in order to be approved for the mortgage
loan.You will need to gather all of the documents (you should keep a
copy for your records as well) and during this process an appraisal will
be scheduled for the property of interest to confirm the stated value of
the property. In some cases the price of the appraisal can be included
in the loan and not paid up front, however, often times you will need to
pay the appraiser out of pocket after they complete the appraisal.
The price of an appraisal will vary, and you can expect to pay
between $350-$550. After the appraisal is complete make sure you
receive a copy for your records. Sometimes the appraiser will provide
this information, other times the mortgage representative will provide
you with the completed appraisal if you ask for it. You will also need
to make arrangements for Homeowners Insurance, and will normally have to
pay 12 months of premium before closing.
After all the documents (including the appraisal) are complete, a loan
package will be sent to the lending institution, and reviewed. Your
mortgage representative will be informed if additional information is
needed, will notify you, and you will then need to provide the required
information. Once all documents are provided, closing can be scheduled
for your mortgage loan.
The amount of time the mortgage loan process takes can vary
depending on the program, documents needs, underwriters schedule etc.
and can often take between 2-6 weeks.
To get a no obligation mortgage loans quote, visit the following link
today:
Mortgage Loans Quote
To your success,
Traci Crowley
P.S. To apply for a mortgage now, regardless of your credit rating, visit the following link: mortgage loans application for assistance with your financing options.
