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Mortgage Loans Process
Understanding The Mortgage Loans Process
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1.  Initial Consultation

Before you start your mortgage loans process, you should first consult with a mortgage consultant. Why is this so important?  First, the initial consultation is designed to help ensure that the mortgage loans consultant (loan officer) and the Borrower understand each other and are on the same page.  In order to help you find the right mortgage loan for you, the mortgage consultant must know exactly what you’re trying to accomplish.  Otherwise, you may end up with a mortgage loans that does not serve your best interest which may ultimately cost you thousands of dollars in unnecessary interest payments and/or prepayment penalties.  Also, it is important that you, the borrower, understand what the mortgage consultant can and cannot do in regards to what you are trying to accomplish. Free Mortgage Quotes Nbg uses the initial consultation to gather information from the borrower, which is critical in helping them develop your personal mortgage loan profile.

Typically, the mortgage loans consultant, who has access to the most Mortgage Loans Lenders and Mortgage Loans programs will stand a better chance at helping you find the right mortgage refinance loan than a mortgage loans consultant with limited resources.  For example Free Mortgage Quotes Nbghas access to a nationwide team of community based mortgage loans Lenders, which gives them the ability to help borrowers with Good Credit, Slow Credit…and everything in between.


2.  Pre-Qualification

Pre-qualification starts the mortgage loans process. Once the mortgage consultant has gathered information about a borrower's income and debts, a determination can be made as to how much the borrower can pay for a home. Since different Mortgage Lenders offer different mortgage loans programs, it is in the borrower’s best interest to use a mortgage consultant who has access to as many different mortgage loans programs as possible.  It is also in the borrower’s best interest to use Mortgage Loans Officers who have the ability to get pre-qualifications from a number of Mortgage Lenders without pulling their credit report more than one time.  

As mentioned above, Free Mortgage Quotes Nbg has access to a nationwide team of community based mortgage loans Lenders, which gives them the ability to help borrowers with Good Credit, Slow Credit…and everything in between.  Also, their system allows them to get competitive mortgage loans rate quotes from multiple mortgage loans lenders without pulling your credit report more than one time!     

In attempting to approve homebuyers for the type and amount of mortgage loans they want, mortgage loans lenders look at two key factors. The first factor is the borrower's ability to repay the mortgage loans and the second factor is the borrower's willingness to repay the mortgage loans.

The borrower’s ability to repay the mortgage loans is verified by their current employment and total income. Generally speaking, mortgage loans companies prefer for you to have been employed at the same place for at least two years, or at least be in the same line of work for a few years.

The borrower's willingness to repay the mortgage loans is determined by examining how the property will be used. For instance, will you be living there or just renting it out? Willingness is also closely related to how you have fulfilled previous financial commitments, thus the emphasis on the Credit Report and/or your mortgage rental payment history.

Mortgage banks (Lenders) lend money and set their rates based on the amount of RISK associated with each proposed mortgage loans deal.  This RISK is determined by the way the mortgage loans proposal is structured.

The role of the Mortgage Loans Officer is to structure a mortgage loans proposal that:

1.)satisfies as many of the mortgage loans borrower’s requirements as possible
2.)satisfies ALL of the mortgage loans Lender’s requirements
 
It is important to note that in some instances, ALL of the mortgage loans borrower’s requirements cannot be met in order to comply with the mortgage loans lender’s requirements.  For example, a borrower with bruised or slow credit may want 100% mortgage loans financing, however, the mortgage loans lender may only offer them a 90% or 95% mortgage loans to value, which means that if the mortgage borrower wants to do the deal, they will have to contribute the balance.

It is also important to remember that there are no rules carved in stone. Each applicant is handled on a case-by-case basis. So even if you come up a little short in one area, your stronger points could make up for the weaker ones. However, the mortgage loans officer MUST first be able to structure your mortgage loans in a way that caters to your strong points.  Mortgage loans companies couldn't stay in business if they didn't generate mortgage loans business, so it's in everyone's best interest to see that you qualify. Free Mortgage Quotes Nbg understand this basic principle; therefore, you can be confident that they will work hard to place you in a mortgage loans program that is customized especially for you.


3.  Finding Mortgage Loan Programs and Rates

Shopping for a mortgage loans is very time consuming and frustrating.  Mortgage loans lenders are constantly changing their mortgage loans programs and mortgage rates change sometimes several times a day!  Many mortgage loans companies offer “free” mortgage quote rates to borrowers in an effort to help them shop.  Although the intent is good, most often the borrower’s end up becoming more aggravated and frustrated because instead of getting “free" mortgage quotes, the borrower gets pounded with dozens upon dozens of phone calls and emails, day and night, from mortgage loans brokers and mortgage loans lenders trying to solicit for their mortgage business. 

Free Mortgage Quotes Nbg has solved this issue.  Once you submit your mortgage loans request to them, ONE and only ONE of their mortgage loans professionals will contact you to create your mortgage loans profile based on your specific home mortgage requirements. They deal DIRECTLY with their NATIONWIDE TEAM of community based mortgage loans lenders so YOU WON’T be getting any ANNOYING PHONE CALLS. Their motto is:

Let Lenders hassle US for your mortgage loans business...NOT YOU!

No need to worry about excessive credit pulls.  Their system allows us to get competitive home mortgage loan rate quotes from multiple mortgage loans lenders without pulling your credit report more than one time!

Once "Free Mortgage Quotes Nbg" has identified the mortgage loans lender(s) with the best terms, you will be notified with the results so that you can make an informed decision without the hassle or pressure.


4.  The Application

Once the mortgage loans borrower has decided on a mortgage loans program and mortgage loans rate, the mortgage loans officer will prepare the mortgage loans application and initial mortgage loans documents for signing.  Upon signing the mortgage loans application and initial mortgage loans documents, the borrower must provide the remaining required documents needed for the mortgage loans.  Your mortgage loans officer will have provided you with a list of these required documents.  The initial mortgage loans documents will contain estimates of the various fees and closing costs associated with the mortgage loans.  These mortgage costs and fees are verified by the Good Faith Estimate (GFE) and the Truth-In-Lending (TIL).  These mortgage loans documents must be received within three days of submission of the mortgage loans application to the mortgage loans lender.  It is important to remember that these costs and fees are only estimates.  In a properly structured mortgage loans, these amounts will often represent worst case scenarios and tend to be less at closing.


5.  Appraisal and Title

Once the mortgage loans officer receives the signed mortgage loans application and the required documents, they will order the appraisal and title.  At this stage in the process, many mortgage loans officers will go ahead and submit your mortgage loans package to the lender for review and underwriting.  This practice causes inefficiency for the mortgage loans lender; therefore, many mortgage loans lenders will hold the file or give it a "low priority" until they receive the “full” mortgage loans package.  They also develop a tendency to show favor or “higher” priority to mortgage loans officers who always deliver “full” mortgage loans packages versus those who consistently send in “incomplete” mortgage loans packages.  The mortgage loans professionals at "Free Mortgage Quotes Nbg" consistently receive “high” priority with mortgage loans lenders because they ALWAYS deliver “full” and “clean” mortgage loans packages to them.


6.  The Underwriting Process

Once a “full” mortgage loans package has been assembled, the mortgage loans officer submits the package to the mortgage loans lender’s underwriting department for review and decision.  The underwriter is responsible for determining whether the mortgage loans package is deemed an acceptable mortgage loans or not.  If the mortgage loans is approved, but more information is needed, then the mortgage loans underwriter will issue an approval with “conditions”.


7.  Conditions

Conditions (sometimes called “Stips” or Stipulations) consist of additional information needed by the mortgage loans lender’s underwriting department in order to satisfy ALL of the mortgage loans lender’s requirements.  Sometimes the conditions may be as simple as an additional signature or current bank statement.  Other times, conditions may consist of providing proof that a debt or lien has been satisfied or verifying that the current month’s mortgage loans has been paid.  Once ALL of the mortgage loans lender’s conditions have been satisfied, the mortgage loans underwriter will issue a “Clear to Close” to the mortgage loans officer.


8.  Clear To Close

The Clear to Close is a document issued by the mortgage loans lender’s underwriting department which gives the mortgage loans borrower and the closing agent permission to close the deal.  It is EXTREMELY important to understand that regardless of when the mortgage loans borrower, the seller, and/or the realtor wants to close the deal, the mortgage loans lender via its underwriting department UTIMATELY decides when the deal will close via the “Clear to Close”.  Because of this, the mortgage loans borrower should be advised that he/she SHOULD NOT make any definitive plans regarding closing the mortgage loans deal until the "Clear to Close" has been issued by the mortgage loans lender.  Many times, especially on purchase mortgage loans deals, the realtor, the seller, and the buyer will set a closing date for a mortgage loans deal well before the “Clear to Close” has been issued by the mortgage loans lender.  Quite often, they will coordinate the closing even before the Mortgage Loans Company or mortgage loans officer have been chosen. Unfortunately, more times than not, the end result is not a pleasant one.

For example, a new home buyer coordinates with the seller and realtor to close the mortgage loans deal at the end of the month.  Based on this arrangement, the mortgage loans borrower issues a notice to vacate his/her apartment for the end of the month, schedule time off from work, and hires movers to handle the move.  The mortgage loans application gets delayed in underwriting because some unforeseen conditions were issued by the mortgage loans lender.  These conditions cannot be satisfied by the end of the month.  The mortgage loans borrower is faced with no place to live, movers on the clock, a wasted day off work, and a very unhappy seller who is threatening to void the contract and sell the home to another interested buyer.


9.  Schedule the Closing

The mortgage loans lender will issue the mortgage loans officer the “Clear to Close”.  The mortgage loans officer will then notify the borrower so that they can coordinate a closing date and time.  Then the mortgage loans officer contacts the closing agent to request the borrower’s closing date and time.  Once the closing agent confirms the closing date and time, the mortgage loans officer will notify the realtor and/or seller of the closing date and time.

"Free Mortgage Quotes Nbg" will also request preliminary mortgage closing documents from the closing agent prior to the closing.  The mortgage loans program specifics, mortgage interest rate, closing costs and fees are all reviewed for accuracy.  Any adjustments or corrections are requested and the mortgage loans documents are reviewed again.  Once the mortgage loans officer confirms the accuracy of the mortgage loans documents, they contact the borrower and review the mortgage loans documents with them.  This process helps to ensure that the borrower is aware of and is satisfied with the final mortgage loans numbers prior to closing, which ultimately speeds up the mortgage loans closing process.


10.  Total Estimated Time Frame

Please note that the Total Estimated Time Frame is only an estimate.  The actual mortgage loans process may vary based on several factors.  For example, a mortgage loans borrower who is well organized and responds to information requests from the mortgage loans officer quickly will help speed up the mortgage loans process versus a borrower who does not respond quickly.  Also, the mortgage loans lenders underwriting times, the title and appraisal process, as well as, the closing agents booking schedule will vary depending on their respective work loads, which may be more or less than the estimated time frames indicated above.


Mortgage Loans Process
Understanding The Mortgage Loans Process
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