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Understand Mortgage Lender Responsibilities Before Your Application is Accepted
By John R. Blakefield
The process can be a very involved event. Future home owners often spend days, sometime months shopping lenders, looking at homes, saving for a down payment and deciding exactly how much money he or she can afford on a monthly payment.
Finding and purchasing a home is more than just a financial decision, because it involves personal attachment and investment. Buying home is often a lifetime goal for many people, so the entire process running smoothly is favored over one that is stressful and unorganized.
By understanding the information you are supposed to get from a potential lender while you are shopping, you are more likely to get the terms that you want that fit your financial information in a relatively easy and simple way.
In order to get the best for you, which may be a certain principal amount, term, or perhaps specialized such as less than 20% down towards a down payment, you must know the lender's responsibility before you apply and are accepted for the mortgage.
Mortgage lenders offer two different types of information to potential loan applicants, informal and formal. This informal and formal information is used to determine the type of loan the applicant needs and can qualify for, before the application is actually addressed.
Formal information includes pre-qualifying underwriting standards such as housing and debt ratios that are applied to the applicant's personal financial information. Mortgage lenders can provide information that indicates the maximum loan for which borrowers would qualify. This, of course, is subject to the property in question and the verification of the person's credit history, income, debt and employment.
The lender is required to explain the offers in detail. Every item should be explained, such as the interest rate, and what makes up the percentage, all the fees including underwriting fees, fees, appraisal fees, and many others. If there are going to be any penalties or conditions to the mortgage, such as a prepayment penalty, then
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this too will need to be disclosed. All of this can be applied to the person's financial information so both the lender and home buyer will understand what the final will look like.
Informal information includes anything that may assist the home buyer in making a decision regarding the or home. They may suggest a forum or seminar that has many experts that will provide more information about the loan process. This can make the process move more smoothly for both the lender and home buyer because the home buyer will be aware of what is expected. This also serves as protection for the home buyer. He or she is less likely to be taken advantage of.
Other informal information includes any undocumented conversations with a prospective applicant that may include counseling, encouragement or coaching as to their qualifications and what information they might need or want to include that will strengthen the application. With this informal information the lender may give, the shopping process can be easier and more effective. Mortgage lenders who participate in the giving of information are good lenders to work with, because they are actually interested in helping the home buyer and not just the money that can be made.
A lender who can go above and beyond the normal, basic duties of a lender is a valuable one. Because this is such a personal decision beyond a financial decision, finding a lender that is friendly and cares can make the application process a fun one.
Now that you understand the responsibility a lender has toward you, the potential applicant, be sure to ask what it is you need if you feel you are not getting all the information you need to make an educated decision. The competition is strong, so a lender that is not easy to work with is one you don't want to work with. Move on and get another quote and more information from another lender. Your shopping will be more effective and you are more likely to find a targeted that will get you the best terms.
John R Blakefield is a mortgage and real estate specialist. For more information, articles, news, tools and valuable resources on home mortgages or investment loans, refinancing, debt solutions, visit this site: www.scourtheweb.com/mortgage/
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