Easy Steps to the Mortgage Application

Applying for a mortgage doesn’t have to be complicated, there are small, easy steps you can take to make the entire process simple. First, you’ll want to talk to a loan officer at your preferred bank. When you meet with them for the first time, they’ll probably just want to gather some information about you to see if you even qualify for a loan. This is where you’ll give them your name and reveal your income and outstanding debts. The next step is actually filling up the mortgage application. Just enter all of data that’s asked form you. Then you hand it back to your loan officer and three days from then, he or she will give you a packet of disclosures including a good faith estimate and a truth in lending form. This information will give you the details about the loan you can get and its terms as well as its annual percentage rate. All of that though is conditional, you’re not in the clear yet. It has to go through the operations department and processors where everything is double checked including your credit. The final step is called underwriting. That’s when the risk of lending you money is studied. Lenders verify is it is in their best interest to offer you a loan.

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