Mortgage Lenders Financial Network: Mortgage Lenders


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Mortgage Process and Application

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For many homebuyer, selecting and applying for their mortgage is mysterious and at least a little bit scary. But it doesn t have to be if you know what to expect - and what your mortgage lender is expecting from you.

The first step is the most important. If you start the process with a quality lender and a good loan officer, you are off to a good start. If you have the right product at the best rate, you are off to a great start. Discuss all your options with someone who is qualified to evaluate your financial situation and match your needs with the best available type of mortgage.

It may seem they need to know everything about you-- but actually all your mortgage lender needs to know about you is your employment and finances, and information about the home you re buying. However, you will need to provide quite a few details about these topics, and your application process will go much more smoothly if you re prepared.

If you have had credit problems, be prepared to discuss them honestly and be ready to provide written explanation. Responsible mortgage lenders know there can be legitimate reasons for credit problems, such as unemployment, illness or other financial difficulties. If you had a problem that s been corrected, and your payments have been on time for a year or more, your credit will probably be considered satisfactory.

Your lender will begin the work of verifying all the information you ve provided. This process can take anywhere from one to six weeks, depending on the type of mortgage you choose, whether you re buying a home outside your local community, and other factors. Within three business days after your application, the lender must give you an estimate of your closing costs. You ll also get a statement that shows your estimated monthly payment, the cost of your finance charges, and other facts about your mortgage.