Mortgage Loan Documentation Needed

Mortgage loan documentation may vary when the Lender uses the Agency “automated underwriting system”, which Mortgage Lenders, who submit loans to FNMA (Fannie Mae) or FHLMC (Freddie Mac) are required to use. If your loan has issues or concerns, such as insufficient credit, employment history or funds issues,  (to name a few);  it cannot be evaluated … Read more

Mortgage Loan-Credit

Credit is one important part of apply for a mortgage loan. The mess that got us where we have been the last few years, was not just the fact that it was “bad mortgages.” It was to some extent “uneducated (meaning about mortgage lending) buyers. I just read today that there was a slight decline … Read more

Mortgage Self-Employment Analysis

Self-employment income normally needs a two-year history of receipt to be regarded as stable and ongoing income. Less than two years is “sometimes” accepted.   In mortgage lending, an individual is considered self-employed if he/she owns more than 25% of a business. Self-Employed income analysis requires a history of being self-employed to be use as … Read more

Mortgage- Adjustable Interest Rate Loans

With the mortgage rates on the rise, the Adjustable Interest Rate Loans will more than likely start to go up and possibly give those homeowners the benefit of a lower rates initially. Mortgage interest rates are up just a little, but do not be dismayed, they are still viewed as low, compared to before the mortgage crisis. … Read more

Mortgage Loans- The Lender *Choosing The Right One

Let not your heart be troubled!!!! All Mortgage Loan Lenders are not alike!!!! Here is the truth…..we do have freedom of speech!!!! I have worked in Banking and Brokering, and I have learned that very often it is easier to get first hand information, rates, underwriting, the best closing cost and the most expertise; a … Read more

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