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How to prepare yourself while applying for mortgage

Posted on: 06th Jan, 2006 08:39 pm
As a borrower, everyone likes to get the best deal and have the loan application process completed without any delay. If you can locate an efficient lender or broker then you may not come across any problem in your transaction. But you should be able to judge the services of the lender or broker. While you can avail the services of the best lender, it is also your responsibility to make the process smooth and fast from your end.

The best thing is to have a basic idea about the entire mortgage process. This will help you to avoid unnecessary delay in the loan closing. In case your loan closing is supposed to take place within 45 days or less of the rate-lock but does not occur due to delay then you may have to accept a higher interest rate. Moreover, you should provide the lender with correct information within a short time, so that the loan processing and hence closing can be completed rapidly.

Try to follow these simple steps to prepare yourself for the loan application process.
  • Before you sign any legal document, go through it thoroughly.

  • Take the help of a lawyer, housing counselor or a friend who knows how to read through the loan documents.

  • Whenever you have any doubt, don't hesitate to clarify with the lender.
    You should understand the features available with the loan program including what you should pay.

  • Don't just rush in to complete the application process; instead take your time, so that you don't miss out anything.

  • Make sure that there is no blank space left to be filled before you sign.

  • Don't sign the papers if you find that the agreed terms are not in accordance with your expectations.
Try to maintain copies of relevant documents so that they can be produced whenever required. The application documents including your pay stub for the last 30 days, W-2s for the past two years, two recent bank account statements, two current tax returns, recent statements of you credit card accounts need to be submitted whenever asked by your lender. Try to provide additional information to your lender without delay and don't forget to obtain the homeowners insurance once the loan has been approved.

Do not hesitate to disclose your financial situation to the lender. Give him the details regarding your income, assets, debts and stability of employment. Even then, the loan process may often get delayed on account of the lender's inefficiency. Here is where you need to shop around and find out the lender who can offer the best quotes including a comparatively low rate on your loan.
someone forged my father's name on a deed and sold his house,new owners are tryng to hold on to house,can they?house located in ca.
Posted on: 04th Jan, 2007 08:06 pm
Hi Guest,

Welcome to the forum.

Since the house has been sold already, the new owner will have the ownership rights. But yes, you do have a chance to bring legal action against the person who forged your father's name on deed.

You may consult an attorney who deals with laws on forgery. He'll be able to advice on what next you can do to get justice.

Hope you get through this situation smoothly.

God bless you.

Posted on: 04th Jan, 2007 08:53 pm
If you with the help of your attorney can prove the forgery then the court will cancel the sale and return the ownership back to your father.
Posted on: 05th Jan, 2007 10:13 am
Posted on: 08th Apr, 2009 12:07 pm

Your dad can sign over the ownership to you through a quit claim deed. But is there a mortgage on the property?
Posted on: 10th Apr, 2009 12:23 am
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