Tag: mortgage marketing ideas

Credit and Mortgage

THE 6 STEPS TO MORTGAGE LOAN APPROVAL PROCESS

INTRODUCTION

Though the process may differ from one borrower to the other, the general steps outlined here will go a great deal in assisting you make informed decisions about how the mortgage loan approval process is, especially for first-timers. It is important that the lender has a loan officer training from a loan officer school to ensure smoothness of the whole process.

 

PRE-APPROVING THE MORTGAGE

This basically involves the lender checking your financial status particularly your income, assets and debts. This gives a general overview on if you are the ideal candidate for a loan based on the assessment of the lender. It is a very important step because it saves time, energy and resources by narrowing the search to houses you can afford. At this stage, the lender also makes it clear how much he is willing to lend you and he includes all this information in a pre-approval letter he hands you. He works most efficiently if he has undergone the mortgage loan officer training.

 

HUNTING FOR THE HOUSE AND PURCHASE AGREEMENT

This is where you and your real estate agent get to work hard. You have got the price limit, you can now comfortably search for houses within that range. A very important thing to know here is, it is impossible to find all what you need in a single house. But you can find most. Be flexible. At this step of the process, the lender is basically out of it. However, once the desired house has been found, and an offer made and accepted by the seller called the purchase agreement, he steps right into the picture and this takes us to filling for a mortgage loan.

 

APPLICATION FOR MORTGAGE LOAN

Here, there is a standardized form mortgage lender use. You have gotten a pre-approval, you have hunted for a house, gotten one and the seller has accepted your offer. Next is to fill the standardized form called the Uniform Residential Loan Application (URLA) otherwise known as the Fannie Mae form 1003. This asks for information about you, the type of property you are asking for and the amount of loan you are asking for. A mortgage license is very important for protecting you.

 

PROCESSING OF MORTGAGE

Here, all the information provided during application and their supporting documents are reviewed. It prepares you for the next step by making sure information provided in the application is correct and is duly supported by genuine documents. These documents include bank statements, tax records, employment letters, the purchase agreement, and many more, depending on the loan processor, you, and the property you are filling in for. Learn more.

 

UNDERWRITING OF MORTGAGE

At this stage, it is made sure that all the presented documents meet the requirements and guidelines of lending. This is the most important part of the process because the loan is accepted or rejected at this stage. The underwriter double-checks the property seller, the property itself and the borrower. He assesses the risk. Whether from all provided information, you will be able to pay the loan following the 3 Cs: capacity, credit and collateral.

 

APPROVAL AND CLOSING OF MORTGAGE LOAN       

This could be full approval or a conditional one in which a set of rules are given by the underwriter following some issues he noticed during the underwriting process that are not bad enough to warrant a rejection. However, the conditions must be met for the deal to be closed. This is the final step. Companies are selected to handle the closing and all supporting documents are sent to them for signing. Tada!

CONCLUSION

The approval process for a mortgage loan is a very interesting one, though it could be really daunting. With the above breakdown, you are in the skies of knowledge! For more information visit: https://caloanoff.capeschool.com/mlo/

Credit and Mortgage

Mortgage – What You Don’t Know Can Hurt You!

Mortgage

Getting a mortgage or even a mortgage with the help of a mortgage loan officer somewhere else right at this moment in today’s real estate market – with historical low rates – is a brilliant act. If you do it right, you will be inside a good financial place in the near future. The Federal Reserve is likely to boost the rate anytime now in order to avoid inflation. Rates have never been this low! If you have looked at purchasing property before or if you want to refinance an existing property, might be the optimum time to take action.

However, there can be some aspects of the process which are never revealed for you because of your current loan officer which may end up hurting you. You may find yourself with a higher rate compared to what is really available, or else you may end up paying a lot more than necessary in closing costs. If you understand the procedure, it is going to help you avoid unscrupulous people.

Considering the current state from the economy, home loans must keep working harder than any other time to earn an income. Unlike during housing booms when buyers are flooding industry, these tighter economic times have caused home loans to must acquire more creative to compete for your small selection of buyers in the marketplace for a new home. These mortgage marketing ideas will aid you to edge out your competition for brand spanking new clients.

Know where your loan is incorporated in the financing process. If your loan officer is getting ready to possess a title company open escrow and execute a title search acknowledge beforehand if there are any issues. If you have a lien contrary to the property you’re refinancing which doesn’t appear on your credit history, tell your broker. It will certainly be visible on the title report. Head these issues off before it happens and delays your loan.get more tips from http://www.bankrate.com/financing/mortgages/mortgage-rates-for-wednesday-january-25/

Once an issue such as this surfaces your loan loses its devote line with the underwriters and processors and this will make time to get the file moving again. Speaking of the title, if you are refinancing, make sure that anyone who is on title, all night to be on title, will likely be there to sign the correct documents when the time comes. I have had borrowers forget that Granny Smith is on the title and she went to with live 3,000 miles away. If you have a case like this you need to grab the process with the idea to remove her from the title, or have her sign the money docs before you close.

When your bank is the one who you do your business with, it will always be best if you go and talk to that loan officer, one on one, so they can appreciate and understand your distinct situation. If they don’t have any programs to suit your needs, it’s possible to suggest an agenda that may benefit you both. For example, you might imply to them a strategy including making your monthly installments not just promptly, But with more cash to produce the late payments.

MortgageThey might agree to a strategy similar to this. You could keep these things provide you with a temporary, interest only mortgage while using replacement for refinance your loan when your circumstances improve. You could also inquire if they will be happy to let you live in the property while it continues the market for a few days. These are issues you can address together with your local house loan officer.

It’s like a snowball effect, along with the marketing just keeps getting easier and easier As long as you realize that you might have value to provide to these realtors, you must not fear approaching them and soliciting business and referrals. Calls with a purpose are as easy to produce and incredibly rewarding if you do them consistently. Now, many people are asking how to become a loan officer.…