Mortgages,
most of us have one because without one few of us would make the dream of
homeownership a reality.
Obtaining a home loan can be a stressful business, but if
you have a good understanding of how mortgage business works then you
can make getting your first mortgage or refinancing a relatively straight
forward affair.
A quick overview of the mortgage process:
Complete an application: After you have completed your application,
it will be reviewed for completeness and accuracy. Credit check:
Using the information you provide, they will request the three major Credit
Bureaus to provide us with a copy of your credit report.
Title and Escrow: After you approve the proposal, sign
all disclosures, and give needed information, title and escrow is opened.
Inspections and appraisals: This is required to insure
and protect your investment in the home.
Signing: After the loan documents are received and evaluated, closing
documents are produced and a signing appointment is made with you.
Funding: Funds are then released to pay off all agreed upon loans
and accounts.
Most people try to find a mortgage with the lowest possible
interest rate. However the real goal for them should be to get a mortgage
at the lowest overall cost.
Sometimes a higher interest rate will add up to greater savings
when all the fees and costs that are incurred in each step are factored
in. So instead of focusing on lenders with the lowest interest rates or
"no upfront costs" look at the actual monthly repayment from each when
all the costs are factored in.
Tip - Apply to a number of lenders to get a fair comparison
of the rates and terms.
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