Mortgage Lender
If you are in purchasing a home or real estate and will be getting a loan, you will be in need of a real estate mortgage lender. You may already have a real estate mortgage lender if you currently have a mortgage on a home or property. If you currently have a mortgage and are planning to do a refinance, you will need a real estate mortgage lender. In fact, anything you do dealing with your real estate mortgage will require the need of a real estate mortgage.
When you decide to purchase or build a home, the first thing you'll do is find a bank or lending institution, which will direct you to a real estate mortgage lender to help you. Although banks have different kinds of lenders for different loan types, you will need to go through a real estate mortgage lender if there is real estate involved in the loan. There are different banking and state regulations regarding each different loan types. As a result, each loan officer is specifically trained for what their specialty is. A real estate mortgage lender will be up-to-date with all the current compliance and lending laws in your state.
A real estate mortgage lender will interview you on your first visit while they have you fill out a mortgage loan application. At this time, they will also run a credit report to see your current financial status. Even though, you have listed all your debts on the loan application, they still need to verify it by means of credit report. You credit report will give you a score based on your pay history in the past. Many debts that are on your credit report may be up to 7 years old even if they are paid in full. Another reason your real estate mortgage lender will go over your credit report with you is to make sure that are not any reports on there that are inaccurate.
Once they have approved you for the real estate loan, they will order an appraisal on your real estate to see if the value is higher enough to warrant a loan for the amount you are borrowing. With the exception of a few cases, most banks will only borrow up to 80% of the value of the home. The real estate mortgage lender will also order title insurance on the real estate your are planning to buy. This is to ensure there are no other liens on it. Once this preparatory paperwork is done, the loan is ready to close. Your real estate mortgage lender will go over everything with you from application right to the final closing.
A mortgage lender is the person you see when you are interested in or ready to take out a mortgage to buy a home or refinance your current home. When you're going to buy a home, unless you're part of the lucky few that can pay cash, you'll need to take out a mortgage loan. The mortgage lender is the person that will help you with all the details on your mortgage. Whether you go to a bank or apply for a mortgage online, you will still be assigned a mortgage lender to help you and go through the entire mortgage process from beginning to end.
The first step towards obtaining a mortgage, after you find your dream home, is filling out an application. Often you can go to the bank of your choice, pick up an application, take it home to fill it out and return it to the bank. It is at this time that you will be introduced to a mortgage lender. The mortgage lender will go over the application and ask any questions that may not be answered on the application. This is usually a sort of "get acquainted" session unless you already know the mortgage lender personally.
It's also at this time that the mortgage lender will do a credit report on you and your spouse, if you have one. The credit report will show all current debts you have, any past debts you have as well as your payment history. Past debts you may have had will stay on your credit report for 7 to 10 years. If you have any negative reports on your credit report, such as late payments or delinquencies, this will negatively affect your overall credit score and your mortgage lender may question you about them and the conditions surrounding them.
If your loan request is for a large amount, as most home mortgages are, your mortgage lender may not be able to make a decision on the spot. Some banks and credit unions require the mortgage lenders to get approval from board of directors or a loan committee. You are usually given your approval within a week, however. Occasionally, the mortgage lender is able to make the decision without approval and can give you a general idea.
When you take out a mortgage to purchase a home, there are fees that go with the loan beyond the dollar amount of the loan. These fees include but are not limited to the cost of an appraisal on your home, title insurance or abstract fee to make sure your home does not have other liens on it, legal fees and loan origination fees. Your mortgage lender will discuss these fees with you as well as explain any details that will need to be taken care of by you. If you have an efficient and highly-qualified mortgage lender, the entire process will go smoothly and quickly.
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