Shopping for a mortgage loan can be stressful. Finding the right loan can feel like a part time job within itself. Its stressful to most people because they have limited experience getting a loan or the process they went thru a few years ago has changed. Many borrowers don’t know what the process should feel like and whether or not they can trust that they are getting the right deal. Knowing the right questions to ask will help inform a prospective borrower; and information is power! Following these tips will provide you the best opportunity to secure favorable mortgage loan terms-
How do I get started?
The loan process begins with a loan application. Loan application can be done online or in person, with an old fashion paper loan app. Loan originators gather critical information from this step in order to understand if a person has the ability to repay a loan. The information gathered in this step is used to prequalify a person for a purchase. This same information is validated during the loan processing and underwriting phases which end up with a loan approval and eventually a loan closing and funding.