Mortgage loan Processing & Procedure

If you need to have new home loan or you need to refinance the current loan you need to have processing loan to do so. This loan processing is done by the loan originators, brokers, processors and other professionals. Due to lengthy process of loan it need many borrowers with different background.

The loan process done by loan originator or they contact by potential borrowers and it can also be initiated by home buyer who need to have bank to finance it and once you complete the loan process it will guarantee you that your company will make money on this and also you can make money by closing the more loan processing. After anyone apply for loan, loan processor contacts the loan originator and borrower to start the procedure. The wise step when you are applying for loan procedure first to close the lower interest as market can go up. You can secure lower rates as much as possible. Another advantage of this loan is that they have low monthly payments this will not only give you financial flexibility but will also lower the risk of losing the home.

When the processing Team Start the procedure they will ask borrowers to supply all relevant documents and details of property for verification purpose. These document will comprise of list of asset, liabilities & earning potentials of borrowers. Personal documents may include all the assets, property and your current income. If borrower can give all document at once and correct process can be expedited fast and done quickly.

After this Procedure team analyze all document and as per estimate they will provide loan applier the home buyer (GFE) Good Faith Estimate document, closing fees statement and the approximated terms of the home mortgage loan. After that they will collect all documents for verifications mostly these document are personal document of borrower which include pay slips, bank statements, tax returns and the credit reports.When borrower producing his or her personal document he or she must have produce all relevant document for his or her source of income as now a days lot of people has different source of income so they must product this so that lender can verify them properly and also come with good offer after it.

Most of time lender will check the total income with total liabilities and loan processing team will ensure that borrower has proper income source with covering all liabilities and if eligible for securing loan insurance or not. They will also appoint person who is in charge for getting valuation of home for which lender is giving loan. Loan processing proceeds only when the gathering of the documents and property appraisal are completed.

Read More

Three Reasons to Get a VA Loan Today

1. No Down Payment
 

When you purchase a new home, you are required to come up with a certain amount of money for the down payment. This can range depending on the total price of the home and can often be an expense that is quite costly. Many families have to save up for years to afford a new home’s down payment. But with a VA home loan, that down payment is waived in the majority of cases. This means a veteran can become a homeowner with no money down, allowing them to have a piece of the American Dream a lot easier. It’s the only loan available today with no down payment!

2. Lower Interest Rates

Another benefit of this loan is that the borrower usually gets a lower interest rate than what’s ordinarily available with other types of loans. This translates to lower monthly payments and the borrower will be able to pay down the amount of their loan a lot faster than others with a higher interest rate.

3. No Private Mortgage Insurance (PMI)

As a result of the housing recession that happened some years ago, banks are now insuring themselves in case anything like that happens again with the addition of private mortgage insurance, which is an added fee to loans that don’t have the needed 20% down payment of the appraised value of the home. This insurance protects the lender if you ever default on your monthly payments. Since military men and women don’t need a down payment, they are not required to have PMI and this results in lower monthly mortgage payments.

To give back to these brave men and women, the US government offers a special VA loan, which is a great opportunity to afford the American Dream and be a homeowner. VA home loans are exclusive to those who bravely served our country and are available to those who have served our country and offer a number of advantages. Here are some of those benefits.

I just want to say how thankful I am with American Hero Mortgage and Morris Newman his dedication changed my life. There's nothing more profitable to your finances than your house. It's the largest tax shelter working class citizens have. Mr. Newman fought diligently for my loan, my house and closing. If you're a veteran, firefighter or just a plain old Jane call him and start the process, and put someone on your team that has knowledge class and experience. I'm writing this post sitting in my new house wow. Seven weeks ago I was in Miami now I'm in Coral Springs. Thank father in  heaven

 William Higgs

Veteran & Firefighter for Miami Dade Fire Rescue

Read More