Free Stuff
This section contains lots of free information regarding the mortgage process. Click on the links and descriptions below to learn about each topic. Knowing this information in advance of shopping for a home loan will help you through the process.
What to Expect on the Mortgage Journey
So, you are looking to purchase a home and you need a home loan. Welcome to a whole new world! What do you do, how do you do it, who do you call, what can you expect? You will learn the answers to these questions, plus more.
What to Expect from a Lender
Aren't all lenders the same? Of course not! As a consumer, who is about to make one of the largest purchases of your life, you deserve 5-star treatment in your mortgage journey. Here is what you can expect from a lender.
Types of Mortgage Institutions (where to get a loan)
There are several types of lending institutions who can extend you credit via a mortgage loan for purposes of purchasing a home. What are the different types, and how are they different? Find out here.
How a Loan Application is Analyzed
Have you wondered about what is involved in doing a home loan analysis, and how a credit decision is made? Here is the interesting. You can present the same exact financial and credit information to three different lenders and have one deny you, one approve you with certain terms and rate options, and the third approve you with completely different terms and rate options. Here is the answer on what is looked at in a credit loan (mortgage) application.
When a Lender is Unresponsive
Sometimes, if not oftentimes, a lender can be unresponsive to your inquiries. Why does that happen, how can you provoke them to response, and what should you do if they don't respond? Answers to these questions can be found here.
The Five Stages of Loan Approval
When is your loan approved, and how do you know that your financing for a home loan is secure? Well, it depends on which stage of loan approval you are at. Here are the five stages of home loan approval that most people are completely unaware of.
Role of a Mortgage Team
Some mortgage lenders are one-person teams, while others have several members on their team. What is the difference, how to find out what their team looks like, and what are the advantages and disadvantages of each?
Role of the Loan Processor
Once your home loan application has been submitted, your loan processor becomes your most trusted "best friend" in the transaction. This video describes what a loan processor is and what their role is.
Role of the Underwriter
The Underwriter, the one person who can help you or really hurt you in the loan transaction. The Underwriter holds all the cards in your loan approval and is the most important person in the loan transaction. What's interesting is that this is also the one person you most likely will never talk to. Here is the role of the underwriter, and why they are so important.
Role of Escrow
Escrow is what is referred to as Settlement Services, and an escrow officer is considered a settlement officer. Every loan and home purchase transaction requires settlement services. In some states it is the same company as the title company, while other states may use a separate escrow company or even an attorney for settlement of the transaction. What is settlement/escrow, and what service does it perform? The answer is here.
The Five Professionals You Need
An average mortgage lender is concerned about one thing: the mortgage loan. A good mortgage lender is concerned about much more: your overall financial health and well-being. Here are the five professionals that every homeowner needs.
Appraisal vs. Inspection Difference
On most home purchases, an inspection and appraisal are conducted. But not on all. When do you need an inspection, when do you need an appraisal, and what are the differences?
DTI Explained
DTI stands for Debt-To-Income. It is a financial ratio which determines your ability to qualify for a home loan. If your DTI is too high, then this can be a deal buster. It's critical to understand what your DTI is, and how your lender computes it, because often there can be errors in their computation, as well as there are strategies available to get your DTI into alignment to qualify for the home loan that you need.
10 Things Which Determine an Interest Rate
What is the current interest rate? Did you know that in order for a lender to quote you an accurate rate, there are 10 variables (things) that are in play which determine the rate you will be quoted?