Every borrower is different, and requires a variety of products to meet his individual requirements. The process of securing a mortgage should be simple and straightforward by offering you the latest in home mortgage services.
- Lender will get an appraisal -The appraisal will determine the market value of your new home, which will be used as collateral for your loan. You'll be charged a fee for this service; it will likely be included in your closing costs.
- Lender will help you determine what you can afford-Each buyer is unique - and mortgage services through broker or lender help you find out just what you can afford. Your income and your debts will typically play the biggest roles in determining your price range.
- Lender will help you prepare your credit report-There are options that are ideal for those who have a few "dings" on their credit report. Your lender will develop an individual mortgage program based on your unique credit worthiness.
- Lender will help figure out your funding-A range of mortgage options are available, and mortgage lender will help you determine which can work for you - some loans require little down payment.
- Lender will chalk out a loan program for you-Mortgage service providers will help you find the best loan program for your needs depending on number of factors like: How long you'll stay in the home and how much money you'll put down.
- Mortgage service providers will provide borrowers with the following documents by law:
- Lender will review the information provided by borrower and decide whether or not to approve the mortgage. If you're turned down for a mortgage the lender will give you a written disclosure statement indicating the reasons your loan was turned down. Mortgage lender will help you to develop a plan and help you qualify for a smaller mortgage.
- The latest in the home mortgage services includes online information provided to save the borrower’s time.
1. Truth-in-Lending disclosure.
This disclosure includes a summary of the total cost of credit, such as the Annual Percentage Rate (APR) and other specifics of the loan.
2. "A Home Buyer's Guide to Settlement Costs." This guide is a government publication that describes the closing or "settlement" process, associated costs, and your rights.
3. Adjustable-Rate Mortgage (ARM) disclosure. This disclosure includes information about terms and costs associated with an ARM, past performance of the index to which the interest rate will be tied, and the "Consumer Handbook on Adjustable-Rate Mortgages."
4. Annual Percentage Rate (APR) information. This is the cost of credit expressed as a yearly rate. The APR includes the interest rate, points, broker fee and any other charge you're required to pay in order to obtain your mortgage loan.