Mortgage loan process
Mortgage Pre-Approval Process:
This is the process of determining how much money you can borrow to buy a home. This is typically a letter from a lender indicating the type and amount of loan you can qualify for
House
Shopping
Once you’ve been pre-approved, it’s time to enjoy some house shopping! After visiting properties with your agent and picking out the home you want, the next step is to make an offer. When you make your offer, you’ll generally also submit your earnest money deposit.
Mortgage Loan
Application Process
Each mortgage lender will need information in order to give you an offer. This is where you submit documents that inform the lender about employment, income, assets, debts, property information, and credit history.
mortgage loan
processing
During this stage, the lenders you’ve approached will offer you a loan estimate. If you accept a loan estimate, your loan will start to be processed. At this stage, your mortgage lender will start to go through and verify the information you’ve provided to them.
mortgage loan
underwriting
Mortgage underwriters are actually the key decision-makers in the mortgage approval process and give final approval. They will check every aspect of your application and either accept the loan as it is proposed, reject it, or approve it with conditions.
mortgage closing
process
If your mortgage application is approved, it’s now time for closing. You’ll receive a closing disclosure form showing the original estimated closing costs and final closing costs. Closing fees vary depending on your state, loan type, and mortgage lender.
Terms You Need to Know
A loan offered by a bank, mortgage company or other financial institution for the purchase of a primary or investment residence. In a home mortgage, the owner of the property (the borrower) transfers the title to the lender on the condition that the title will be transferred back to the owner once the loan has been fully paid and all other terms of the mortgage have been met.
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Affordability Help
This is the combined annual income for you and your co-borrower. Include all income before taxes, including base salary, commissions, bonuses, overtime, tips, rental income, investment income, alimony, child support, etc.
The typical rule of thumb is to pay 20 percent of the home’s price as your down payment, although some mortgage loans require as little as 3.5 percent down. Your down payment reduces the total amount of your mortgage loan, so the more money you put down, the lower your payments will be – or the more expensive a house you can buy.
Include all monthly debt payments for of you and your co-borrower, including: minimum monthly required credit card payments, car payments, student loan payments, alimony/child support payments, any house payments (rent or mortgage) other than the new mortgage you are seeking, rental property maintenance, and other personal loans with periodic payments.
Do NOT include: credit card balances you pay off in full each month, existing house payments (rent or mortgage) that will become obsolete as a result of the new mortgage you’re seeking, or the new mortgage you’re seeking
Your loan program can affect your interest rate and monthly payments. Choose from 30-year fixed, 15-year fixed, and more in the calculator.
There are several types of mortgage loans, but the most commonly used are fixed-rate and adjustable-rate loans. Fixed-rate loans have the same interest rate for the entire duration of the loan. That means your monthly payment will be the same, even for long-term loans, such as 30-year fixed-rate mortgages. Two benefits to this loan type are stability, and being able to calculate your total interest up front. Adjustable-rate mortgages (ARMs) have interest rates that can change over time. Typically they start out at a lower interest rate than a fixed-rate loan, and hold that rate for a set number of years, before changing interest rates from year to year. For example, if you have a 5/1 ARM, you will have the same interest rate for the first 5 years, and then your interest rate will change from year to year. The main benefit of an adjustable-rate loan is starting off with a lower interest rate.
This field is pre-filled with the current average mortgage rate. Your actual rate will vary based on factors like credit score and down payment.
The mortgage payment calculator includes estimated property taxes based on the home’s value. You can edit this in the advanced options.
Home insurance or homeowners insurance is typically required by lenders, depending on the loan program. You can edit this number in the mortgage calculator advanced options.
A homeowners association fee (HOA fee) is an amount of money that must be paid monthly by owners of certain types of residential properties, and HOAs collect these fees to assist with maintaining and improving properties in the association.
Your DTI is expressed as a percentage and is your total “minimum” monthly debt divided by your gross monthly income. The conventional limit for DTI is 36% of your monthly income, but this could be as high as 41% for FHA loans. A DTI of 20% or below is considered excellent.
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