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Mortgage Loan Program Choice

Which mortgage loan program is right for me?
The choice of a mortgage loan program should be based, in part, on your financial goals and needs. If your looking to build an addition to your home such as a guest room or den a look should be taken at the following questions:

1. Is the interest rate of your current mortgage loan at a level comparable or below the current market standard?
2. Has your credit score remained stable since you first acquired your current mortgage loan?
3. Has the value of your home remained stable since you acquired the original mortgage loan?

If you answered YES to all three questions, then a Home Equity Line of Credit, also known as a HELOC, should be acquired because a complete mortgage loan refinance may be more costly given your situation. If you answered NO to any of the three above questions, you may want to consider a cash-out mortgage loan refinance. The loan program acquired as your current mortgage loan may not have been one that is suitable for you, and not one that is up to par compared to the vast array of mortgage loan programs available. If your credit score has changed since you last acquired a mortgage loan, you may be eligible for a lower interest rate and monthly payment for your mortgage loan if your credit score has risen since your last mortgage loan acquisition. Finally, if your property has gone up in value since your last mortgage loan acquisition, different mortgage loan programs with lower interest rates, lower monthly payments, and other benefits may be available depending on the amount of equity available in your property.

Other situations occur where the decision for a mortgage loan program is more complicated than the choice between a second mortgage loan or refinancing the original mortgage. No matter what the situation, an analysis of financial goals and current financial situation should be taken into account for deciding on a particular mortgage loan program. Mortgage loan programs exist for almost every financial need and situation, and a trained mortgage loan professional with good intentions can pair those financial goals and situations with a specific mortgage loan program.

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Mortgage Loan Process

Whether a property is being purchased, or a property needs refinancing there is a process for a mortgage loan to be acquired. Typically the mortgage loan company is determined by a real estate professional in the transaction for the sale or purchase of a property, by the consumer of such real estate, or by an outside referral. Near the finalization of a real estate transaction, or when an offer to apply for a mortgage loan refinance has been accepted, the mortgage loan process is initiated. The following is a general list that describes the mortgage loan process:

    Mortgage Loan Process
  • Mortgage loan application (1003) is filled out.
    - Typically is completed by a mortgage loan professional that is a licensed broker, an employee of a mortgage loan lender, or an employee of a mortgage loan bank. Also, such mortgage loan professionals usually use computer software to make processing the mortgage loan application easier and more efficient.
  • Mortgage loan disclosures are distributed and collected.
    - Up until recently, such mortgage loan disclosures were distributed and collected using mail and fax machines. With the advent of broadband internet access becoming affordable, email and web pages are being used to distribute and collect mortgage loan disclosures quicker and more efficiently than ever before.
  • Mortgage loan applicant identification is verified, and then the title deed for the property is ordered.
    - This is done to verify ownership of the property by the mortgage loan applicant and to verify that all existing liens against the property are formally paid off.
  • Mortgage loan payoffs for any current mortgage loans and payoffs for any existing liens on the ordered title are ordered.
  • Mortgage loan application with payoff may be submitted to obtain a pre-approval.
    - This facet of the mortgage loan process is dependent upon the mortgage loan company and/or mortgage loan professional. An experienced mortgage loan professional may order an appraisal, or ask the mortgage loan applicant to order an appraisal for the property requiring a mortgage loan before obtaining an approval for a specific mortgage loan program. However, situations have been witnessed where a mortgage loan company will require a mortgage loan applicant to order an appraisal before acquiring an approval for a specific mortgage loan program in order to commit the mortgage loan applicant to that specific mortgage company. Such a practice may result in the mortgage loan applicant wasting hundreds of dollars on an appraisal that serves no use, as that mortgage loan company may not be able to approve the mortgage loan applicant for any mortgage loan program that they offer.
  • Appraisal is ordered and obtained for the property securing the mortgage loan being applied for.
    - Depending on the situation, it may be more beneficial for the mortgage loan applicant to acquire an independent appraiser (who is not "blacklisted") for obtaining their property's appraisal. Such a situation may include when a mortgage loan applicant is applying directly to a mortgage loan bank, as they may have appraisers working directly for them who work for the bank or lender's best interest. The outcome of such a situation may include a lower value for the property securing the applicant's mortgage loan which may result in a higher interest rate or other less desirable terms for the mortgage loan approved for.
  • Mortgage loan application is submitted with all required documents.
  • Mortgage loan application is reviewed and "prior to doc" conditions are furnished.
    - Includes conditions and documents that the mortgage company requires on the mortgage loan applicant's behalf before drawing up the final documents to be signed that include the specific terms for the mortgage loan program the mortgage loan applicant was approved for.
  • Mortgage loan documents are signed and notarized by the mortgage loan applicant.
    - Referrals may be collected at this time, which are sometimes compensated for depending on the mortgage loan company.
  • Mortgage loan documents that have been signed are returned to the mortgage loan company and any final "prior to funding" conditions are requested.
    - Such conditions may include items such as the necessary signing of a quick claim deed or other mortgage loan document.
  • Mortgage loan documents go to escrow.
  • Mortgage loan is recorded and funded.

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