Mortgage Banking Terms To Know

Mortgage Banking Terms There may be terms or definitions which are not included here. Mortgage Banker:  A firm or individual who originates loans for sale to other investors (such as Fannie Mae or Freddie Mac) and usually is a depository institution. They usually service the loan also.  A mortgage bank is a state-licensed banking entity … Read more

Understanding Mortgage Underwriting And Processing

What you as the applicant should understand about mortgage underwriting and processing. Processing a loan and underwriting a loan is not a magic process. It is a well thought out structure to know that the loan being documented and reviewed meet all mortgage loan requirements. It includes but not limited to:   1) Does the … Read more

Ten First Time Homebuyer Mistakes To Avoid

Being a first-time homebuyer can be frightening simply because it is something you have not done before. It is an emotional process, which anyone making such a large purchase needs upfront information and knowledge. There are common mistakes that first-time homebuyers often make that perhaps you can avoid if you are reading this. Let this … Read more

Mortgage Brokers

Who is the Mortgage Broker?     The Mortgage Broker is the mortgage professional who takes your mortgage loan application at a non-depository institution.  He/she request your personal financial information to include your employment history, your income history, your saving ability, you financial obligations and of course will review your credit once you have authorized … Read more

First Time Homebuyer Mortgage -Conventional

Conventional First Time Homebuyer Loan:  This indicates it is in this case Fannie Mae guidelines as Freddie has not joined in yet for this financing. If you are a First Time Homebuyer and need a mortgage loan, you are in better luck than a month ago.  I will explain why.  Starting December 13, 2010; details … Read more

Mortgage Fact – How to Prepare for Application

If you are thinking about applying for a mortgage loan and you have not taken the time to look at your financial situation; then the time to do so is before you go to the Bank or Mortgage Company.  Preparing yourself will definitely keep you from the hassels that can occur if you are not … Read more