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FAQ's on Mortgage Loan Process

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Sam Site Admin Joined: 21 May 2005 Posts: 205 Location: CALIFORNIA 93.02 Dollars($)	Posted: Sat Jul 23, 2005 7:12 am    Post subject: FAQ's on Mortgage Loan Process Being aware of each phase of the mortgage process helps you in making a fair deal. Knowledge of the basic facts related to mortgage guides you in selecting the loan program of your choice. This section includes a number of frequently asked questions which will help you with some basic information as well as clarify your doubts and queries on any mortgage related issue. Are closing costs included in the loan amount? Some lenders may include some, or all, of the closing costs in the loan amount by agreeing to a... Can I close on a home without having to be at the closing table? You can close on a home without having to be at the closing table, either by a mail away closing or... How do borrowers get benefitted when lenders finance points? You can pay discount points to lower the interest rate on your mortgage loan. Each discount point equals 1% ... How high can the ARM go? The ARM (adjustable rate mortgage) generally has a limit or cap, as specified in the mortgage note,... How is the interest rate calculated? The competitive market of rates in the mortgage lending industry, determines the initial interest... What if your mortgage loan is rejected? If your loan is rejected, it is not the end of the road for you! You are sure to get a loan with some... What factors are considered for pre-qualification? It is necessary to get pre-qualified to get a mortgage loan. Lenders consider your employment... What is Promissory Note? Promissory Note is a written document states your promise to repay a loan to a specified person... What is Qualifying Ratios? Qualifying Ratios refers to the calculations performed by the lenders to determine if a borrower... What is Rate Lock? Rate Lock is a commitment by a lender to the borrower guaranteeing a specified interest rate on a... What is Real Estate Settlement Procedures Act (RESPA)? RESPA (Real Estate Settlement Procedures Act) is a consumer protection statute passed in 1974... What is Third Party Fees? Third party fee are fees that are collected by a lender and passed on to a third party for rendering... What is Total Closing Costs? Total Closing Costs is the total of all the costs that must be paid at closing related to the new... What is Total Debt Service (TDS)? Total Debt Service (TDS) is a standard calculation performed by the mortgage lenders to... What is Verification of Employment? Verification of employment is a legal document that verifies the borrower's:... Why APR is not the best indicator for choosing mortgages? The Annual Percentage Rate (APR) was formulated to help the debtors choose the loan type which... How quickly will my loan be approved? This question needs to be asked to the respective mortgage companies. They should be able to... What Documents Will I need to provide with my Loan Application? The documents you need to provide for a loan application are:Personal Documents - Employment... What information is analyzed during the approval process? The lender needs to know the risk factor associated with a debtor. These factors are checked for in...

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