What are the different Major & Minor parts in Mortgage life

prao1

I just wanted to know the each major & minor parts of the mortgage life cycle. I think it starts from Loan Origination till it sells in secondary market.

e.g.
origination - processing - Underwriting - closing - etc...

Guest 0.10 Dollars($)

Hi,

Once you submit your application, the information is reviewed. Depending on the transaction you can lock the rate at this time. The supporting documents should also be sent along with the application. Then it is sent to underwriting for approval. If your loan is approved then the closing is settled, when you sign the final loan documents. This is the major part in the mortgage life-cycle.

Guest 0.10 Dollars($)

Hi,

As far as I know, the major part in a mortgage life cycle is the loan origination, its processing, approval and closing. Since this is a lengthy and time-consuming process and it is important.

adonis · Posted: Wed Oct 24, 2007 5:35 am Post subject:

Welcome Prao,

I don't know exactly but may be the major part of the mortage cycle include the years when you are paying maximum interest on a monthly basis and payments towards the principal are quite less. The minor part will be the years during which you pay very low amount of interest and the maximum part of your monthly payment is towards the principal.

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