This first time home buyer flowchart helps to demystify the home buying process. From establishing affordability, to credit scores, down payment information, and the proper documents you need. You might notice this is from another lender, but the information is the same for all lenders and for soon to be home buyers.If you have any questions at all give me a call.
Mortgage Basics: The mortgage underwriting process.
Mortgage underwriting is the process of evaluating a borrower's financial capacity to repay a loan. If you are a borrower, then the lender verifies your income, employment status, assets, credit standing etc and then determines whether or not you are creditworthy and are capable of paying off the mortgage loan. The work of an underwriter also involves an appraisal of the property value. Generally, lenders appoint underwriters to verify the information provided in your loan application and other related documents. They may also contact your employer to verify your role in the work area and your income at that position. Based on the evaluation, the underwriter decides whether the mortgage application should be approved or rejected. The mortgage loan underwriter also predicts the rate and term of the loan that are suitable for providing a certain loan amount. Usually lenders look into three areas before approving a loan amount. These include... Financial strength: Lenders take into ...
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