How to Get a Mortgage Home

Loan
The Mortgage Loan Process and
FAQs for Home Buying &
Refnance Home Loans
Ta!e of "ontents
"ha#ter $ % The Home Buying Mortgage Process
"ha#ter & % Fre'uent!y As(ed Questions aout Buying a
Home
"ha#ter ) % The Mortgage Refnance Process
"ha#ter * % Fre'uent!y As(ed Questions aout a Refnance
"ha#ter + % Reasons for Refnancing a Mortgage
"ha#ter , % "ommon Ty#es of Home Loans
"ha#ter - % Questions to As( a Mortgage Lender
"ha#ter $ % The Home Buying Mortgage Process
Getting a mortgage to buy a home starts before you even start looking at homes for
sale. For example, did you know that real estate agents and home sellers consider a
pre-approved buyer's ofer more attractive than the same ofer from a buyer who
has not been pre-approved for a mortgage
!tep "# Get pre-approved
$nce you've decided that you want to buy a home, you should determine what
mortgage payments you can aford. %here are many tools available such as an
afordability mortgage calculator that gives you a general idea of what your
payments would be, but to get a better idea of the price range of homes to view,
you should get pre-approved. & mortgage pre-approval is bene'cial in many ways.
First, it gives you an idea of what loan amount and purchase price you can aford.
!econd, it strengthens your ofer to the seller and the seller's real estate agent.
%hird, by getting pre-approved, you're getting a (ump start on the mortgage
approval process. $nce you 'nd your home and open escrow, you're already a few
steps ahead.
!tep )# *etermine which home loan best suits your needs
%here are many home loan options available from 'rst-time buyer programs to
traditional conventional, (umbo, and F+& loans. %here are ,- year and ". year 'xed
loans as well as ad(ustable and hybrid loans such as a ./" &01 or ,/" &01.
!tep ,# 2ontact a real estate agent and start shopping
$nce you've been pre-approved for a mortgage and have an idea of what price
range you 3ualify for, you can work with a real estate agent to view homes for sale
in the areas you'd like to live. $nce you 'nd a home you like, you can work with the
real estate agent to draw up an ofer and complete a purchase agreement. %he
seller has the option to submit a counter-ofer and you may go through several
rounds of counters. $nce you and the seller agree to the price and terms, escrow
will be opened. %ypical escrow periods are ,- days but 4. and 5- day escrows are
not uncommon.
!tep 4# 0eview your home loan application and update your 'le
*epending on how much time has passed since your mortgage pre-approval, the
lender may need to collect some updated information and updated documents from
you. %he mortgage lender probably has everything needed, but it is a good idea to
go over the home purchase document checklist to ensure everything is complete.
$nce the mortgage lender has updated your 'le, your home buying specialist will go
over the details of your home loan program, con'rm the rate that you want, and go
over your closing fees. %he lender should make sure that you understand every
detail of your mortgage program and answer any 3uestions you have before moving
forward.
!tep .# 6ock your mortgage rate
&t this point, if you'd like to secure your mortgage rate, your lender will send you a
lock agreement to con'rm the terms of the loan and rate. $nce you review and
approve the lock agreement, your home buying specialist will collect a lock deposit
fee to lock in your rate. %he lock deposit will be credited towards your closing fees
at the end of the transaction. $nce the lender receive the signed lock agreement
and lock deposit, the lender will send you some preliminary disclosures such as the
good faith estimate and truth-in-lending disclosure to review and sign, which detail
the terms of your loan.
!tep 5# +ome inspection and appraisal
!hortly after escrow is opened, it is advisable to schedule a home inspection with a
professional who will walk you through the property to look for any red 7ags such as
structural damages or appliances that may not be working properly and other items
that may need to be 'xed. 8t is a small investment for some peace of mind. &ny
ma(or issues would need to be addressed before the close of escrow date. 9hile
your loan is being reviewed and processed, the lender will schedule an appraisal
appointment with the seller's agent to con'rm the value of the home. :nlike a home
inspection, that appraisal is a re3uirement to determine that the home is worth
what you are paying for it.
!tep ;# +ome loan approval , signing and closing
9hen the mortgage lender has everything needed, your account manager will
submit your complete 'le to the underwriting department for approval. $nce
approved, the lender will prepare loan documents for you to sign. Generally, you will
sign your loan documents at the escrow or title o<ce and it will generally take
between an hour and an hour and a half. &fter the lender receives the signed loan
documents back, the lender will review your 'le one more time to make sure
everything is complete. 8f everything looks good, your home loan should fund ,
days after signing.
1ore about purchase home loans at loan*epot
"ha#ter & % Fre'uent!y As(ed Questions aout Buying a Home
=uestion# +ow do 8 know how much 8 can aford
%here are several factors that determine the loan amount and purchase price that
you can aford. For 3uali'cation purposes, lenders look at income, debt, assets >how
much money you have for the down payment, closing fees, points, and other funds
necessary to close your loan?, as well as credit. %here are many diferent loan
programs that ofer diferent terms and rates, and some re3uire lower down
payments than others and ofer more 7exibility in credit and income. %he best thing
to do is get pre-approved so that you know what loan programs you 3ualify for, the
price range you can aford, and what your monthly payments will be. 6enders will
often provide a pre-approval at no cost. @ou can also use an afordability calculator
to 'nd out what your payments would be and determine what purchase price and
loan amount is comfortable for you.
=uestion# +ow much money do 8 need to buy a home
%raditional conventional 'nancing re3uires a down payment of "- to )-A of the
purchase price of the homeB however, there are other programs available such as
an F+& loan that allows you to buy a home with as little as ,..A down. 8n addition
to the down payment, you should be aware that there are other fees associated
with purchasing a home. For example, there are closing fees, pre-paid interest, and
prorated items such as property taxes and homeowner's insurance.
=uestion# 9hat's the diference between a pre-3uali'cation and a pre-approval
& pre-3uali'cation is an informal cursory review of your income, assets, and credit,
usually conducted over the phone. $nce the necessary information is gathered, the
lender issues an estimate of loan amount and purchase price for which you 3ualify.
& pre-3uali'cation still gives a potential buyer a good idea of afordability but it is
not as comprehensive as a pre-approval which is a more formal, more intense
process where income, assets, and credit are documented and veri'ed. & pre-
approval is a conditional approval that holds more weight with a seller and the
seller's real estate agent than a pre-3uali'cation, especially if you are competing
with another ofer.
=uestion# *o 8 need a home inspection
&lthough a home inspection is not re3uired, it is a good idea to obtain the services
of a professional 3uali'ed inspector to help you determine the condition of the
home you are looking to purchase. & professional inspector will look for any
structural issues as well as mechanical problems that may exist in the home that
could cause problems in the future. 8n addition to a structural review, an inspector
will also check faucets, toilets, appliances, and other items in the home to make
sure everything is in working order. 8f something needs to be addressed, you can
discuss items prior to closing.
=uestion# 9hat type of documentation do 8 need for a purchase loan
!tandard documentation collected for a purchase transaction includes information
regarding your income such as paystubs covering the most recent ,- days and 9-)s
for the last two years, asset information such as bank or mutual fund stock
statements covering the last 5- days showing source of funds for your down
payment, closing fees, points and pre-paid items needed to close your loan.
=uestion# +ow long is the purchase process
& typical escrow period is ,-, 4., or 5- days. %he escrow period, de'ned on the
purchase contract and agreed upon by both buyer and seller, is usually what
dictates when your loan closes. 8f you have already entered escrow and are closing
in less than ,- days, the lender can still close your loan on time if the lender is
brought into the loop as soon as possible.
=uestion# 9hat happens at the loan closing
%ypically, you will sign your loan documents at a designated settlement o<ce such
as an escrow o<ce or attorney's o<ce. 8n the presence of the signing authority, you
will review and sign all your loan documents and then present a certi'ed or
cashier's check to pay the remaining down payment, closing fees and other
applicable closing funds. @ou may also wire your funds directly into escrow. @our
loan processor will guide you through the process and will advise you on what needs
to be done when.
"ha#ter ) % The Mortgage Refnance Process
Cefore you re'nance your home, it's important to know how re'nancing works, what
3uestions to ask, research what options are available, and determine whether or not
re'nancing will bene't you.
!tep "# *e'ne your goals
$ne of the most important steps before deciding whether or not mortgage
re'nancing can bene't you is to determine what your ob(ectives are. 8s your goal to
reduce your monthly payment or pull cash out of your e3uity for home
improvements or debt consolidation &re you looking to 'x your ad(ustable rate
$nce you determine your goals, you can take a look at the various home loan
programs available to decide which loan option helps you achieve those goals.
!tep )# 8n3uire online or call a lender
$nce you've de'ned your goals and researched all the loan options available, you
can submit your information online or pick up the phone. @our 1ortgage Canker can
answer any 3uestions you have about how to re'nance, the loan program you're
considering or can make a recommendation for you given your individual goals. %he
lender should make sure that you understand every detail of your loan program and
answer any 3uestions you have before moving forward
!tep ,# !elect your loan program
8f you decide you'd like to move forward with the re'nance, your 1ortgage Canker
will con'rm your loan program, rate, and payment. &t this point, you can lock in
your interest rate to protect you against any 7uctuations in the market. $nce your
rate is locked, you should receive a lock agreement con'rming the terms of your
loan and your banker may collect a lock deposit fee to 'naliDe the lock. %he lock
deposit should be credited towards your closing fees at the end of the transaction.
!tep 4# !ubmit your documents
&fter the lender receives the signed lock agreement and lock deposit, your banker
will provide you a list of items to fax or e-mail so that the lender can verify all your
information to get your loan approved and closed 3uickly. 2lick here for the
re'nance document checklist. %he lender will also send you some preliminary
disclosures such as the good faith estimate and truth-in-lending disclosure to review
and sign which detail the terms of your rate and loan. 8n a few days, the lender will
contact you to schedule the appraisal inspection. 8t is important to schedule the
appraisal appointment as 3uickly as possible to prevent any delays in your closing.
!tep .# %he lender handles it from here
&fter the lender receives all your documents, your assigned &ccount 1anager
should contact you to go over the next steps, which includes opening escrow,
ordering the preliminary title report, and coordinating with all the necessary parties
to ensure your loan progresses smoothly and 3uickly. $nce the lender has
everything needed, your loan 'le will be submitted to the underwriter for review
and formal approval.
!tep 5# 2lose your home loan
:pon approval, the lender should contact you to schedule a loan document signing
appointment. %his appointment will generally take ,- minutes to an hour and can
be done at the convenience of your home or at an approved settlement location.
&fter the lender receives the signed loan documents, your loan should close
approximately , days later.
1ore about a re'nance mortgage at loan*epot
"ha#ter * % Fre'uent!y As(ed Questions aout a Mortgage Refnance
=uestion# !hould you re'nance
%o determine whether or not it is a good idea for you to re'nance, you should look
at your speci'c situation and your motivation for re'nancing. %he most common
reasons to re'nance are to reduce your rate and/or payment, convert from an
ad(ustable to a 'xed rate, or pull cash out of your e3uity to consolidate debt or
improve your home. 8f your ob(ective is to reduce your rate and payment, you
should review your current interest rate and see how much you can save with a -
point loan and then determine if it makes sense to pay points to reduce your rate
further. 8f you are converting your ad(ustable rate into a 'xed rate, you may actually
see an increase in your rate and payment but youEll get peace of mind knowing your
rate will never increase again. 8f you are using the e3uity in your home to
consolidate debt, your overall loan balance and payment may go up, but you will
save monthly because you will eliminate the monthly obligations that you are
paying of. @our mortgage banker can run some numbers for you and help you
determine whether or not re'nancing makes sense for you.
=uestion# +ow much can you save
Fvery situation is diferent. 8t depends on what your current interest is and what
your motivation is for re'nancing. 8f your current rate is higher than what is
available in the market, it probably makes sense to re'nance. %o get an idea of what
you could save by re'nancing, check out a payment savings calculator and input
numbers speci'c to your situation.
=uestion# 9hat if you have a second mortgage
%ypically, any second mortgages are paid of through the re'nance. %he lender will
consolidate both loans into one new 'rst mortgage and you will only have one
payment each month. 8f youEd prefer to keep your second mortgage intact, the
lender may be able to ask your second mortgage lender to remain in second
position and allow us to re'nance the 'rst loan. %his process is called subordination
and there is typically a fee charged by the second mortgage lender.
=uestion# 9hat are the costs associated with re'nancing
Fees associated with re'nancing vary from lender to lender but there are standard
fees that are typical across the board. %hese fees include ,rd party fees such as
credit report, title, escrow, notary, and recording fees. $ther fees include the
appraisal fee and lender fees such as processing and underwriting. 8f you are paying
points to lower the rate, the cost of each point that you pay e3uals "A of your new
loan amount. &side from the closing fees, there will be prorated pre-paid costs for
items such as property taxes, interest, and homeowners insurance >if applicable?. 8f
you have enough e3uity in your home, you can add all fees and pre-paid items into
your new loan.
=uestion# 9hat type of documentation do you need
!tandard documentation collected for a re'nance transaction includes information
regarding your income such as paystubs covering the most recent ,- days and 9-)s
for the last two years, asset information such as bank or mutual fund/stock
statements covering the last 5- days and current loan information such as your
most recent mortgage statement and homeowners insurance declarations page.
=uestion# !hould you re'nance only if the rate at least ..A lower
%here is no rule-of-thumb when it comes to re'nancing because there are diferent
reasons. 8f you are currently in an ad(ustable rate looking to get into a long-term
'xed loan, your rate and payment may actually increase, but you will be in a better
long-term situation knowing your rate and payment will not change. 8f you are
looking to consolidate debt, your loan amount and mortgage payments may go up
but your overall monthly out7ow will decrease because you will have eliminated
some or all of your credit card bills and other monthly obligations. %here are also no-
cost and low-cost re'nance options that can lower your rate and payment with no or
minimal investment. 8t is a good idea to go over your speci'c situation with a
mortgage expert to determine whether re'nancing makes sense or not.
=uestion# +ow long is the re'nance process
1ost re'nance transactions close within approximately ,- days from application to
closing. &s long as you do your part in delivering the documentation in a timely
manner, the lender should be able to close your loan within ,- to 4. days.
=uestion# 9hat happens at the loan closing
*epending on the state where your property is located, you can either sign in your
home or at a designated settlement location such as an escrow o<ce or attorneyEs
o<ce. 8n the presence of the signing authority, you will review and sign all your loan
documents and then present a certi'ed or cashierEs check to pay the closing fees
and other applicable closing funds unless you decided to 'nance the closing funds
into your new loan. 8f you are pulling cash out of the e3uity in your home, you will
receive your funds " to , days after your loan closes
"ha#ter + % Possi!e Reasons to Refnance
". 0e'nance to a lower rate and payment
%his is one of the most common reasons for a home mortgage re'nance. 8f your
current interest rate is higher than what is currently available in the market, it is
probably a good idea to see how much you could save by re'nancing. %here are no-
cost and low-cost options that could save you money with little to no investment.
). 0e'nance to convert an ad(ustable rate into a 'xed rate
&d(ustable rate mortgage >&01? loans are a great way to ease into your mortgage
payments, especially if you are a 'rst time buyer or if you need lower payments
initially. Fventually, if you decide you will stay in your home longer, you may want to
consider re'nancing your mortgage into a long term 'xed rate loan. *oing so will
give you peace of mind, knowing that your rate and payment will not change for a
set period of time.
,. 0e'nance an interest-only loan into a fully-amortiDed loan
6ike &01s, interest-only loans are a great way to minimiDe your mortgage payments
at the beginningB however, because you are not paying any principal, your loan
balance does not decrease. 8f you plan to keep your home long term, re'nancing
can help start paying of your loan. $ften, you can re'nance your interest-only loan
to a ,- year 'xed rate loan while keeping your payments about the same.
4. 2onvert a ,- year loan to a shorter-term loan
!ometimes plans change and the home >and loan? that you thought you were going
to have for a while turns from a permanent situation into a temporary one. 8f you
are planning to sell your home sooner than you thought and no longer need a long-
term rate, then you may consider converting your ,- year 'xed to either an &01 or
a ,/", ./", or ;/" loan program, which often have lower rates and payments.
.. %ake cash out to consolidate debt
6everaging the e3uity in your home is one of the smartest ways you can make your
money can work for you. :se the cash from your home to pay of higher interest,
credit cards, student loans, or medical bills. Cy consolidating your debts, you can
en(oy the bene't of having only one payment each month, and in most cases your
overall monthly out7ow decreases.
5. %ake cash out for home improvements
9hat better way to use your hard earned e3uity than to invest it back into your
home with repairs or home improvements 9hether you would like to 'x your leaky
roof or update your kitchen, you can tap into your home's e3uity and have a
possible tax deductibleG way to tackle your pro(ects. Gconsult with your tax advisor
;. %ake cash out to buy investment property
9ith home prices and interest rates at the lowest they've been in years, if you've
been thinking about buying a vacation home or an investment property, now may
be a great time to take action. %ap into your home's e3uity and use the cash for
your down payment, home improvements, or for any reason.
H. 0emove mortgage insurance
8f you purchased your home with less than )-A down, chances are you're paying
private mortgage insurance >pmi?. 0e'nancing will help you eliminate the extra
expense if you've paid down your loan balance and/or have seen an increase in your
home's value to a point where you have at least )-A e3uity in your home, or a
loan-to-value >6%I? of H-A or less.
"ha#ter , % "ommon Ty#es of Home Loans
Fi.ed Rate Mortgages
Fixed rate mortgage loans come in various types, and are generally the most
popular loans for those looking to buy or re'nance their homes.
%his is due to the security that 'xed mortgage rates provide, ensuring consistent
monthly payments, without worry or hassle about changing interest rates.
8f you are planning to own your home for several years or more, a 'xed rate home
loan may be your best option.
%he most popular loan program is the ,- @ear Fixed 0ate +ome 6oan, but )- year,
". year, and "- year 'xed rate loans are also popular.
1ore about 'xed rate home loans at loan*epot
Ad/usta!e Rate Mortgage 0ARM1
2onsidering an ad(ustable rate mortgage
&n &01 loan may be a good option if you anticipate a signi'cant increase in your
income or property value in the next several years.
&lso, if you plan on staying in your home short-term, or would like to signi'cantly
lower your payment, an &01 home loan might be right for you.
&s the name implies, &d(ustable 0ate 1ortgages >&01 loans? have interest rates
that change at a pre-determined fre3uency.
Federally insured F+& &01 rates to re'nance or buy a home are also available.
1ore about &01 home loans at loan*epot
2umo Mortgage Loans
Jumbo mortgages are home loans that exceed the conforming funding limits set by
government-sponsored enterprises >G!F? Fannie 1ae and Freddie 1ac.
2onforming loans are home loans that meet Fannie and Freddie guidelines and
typically, have a set maximum loan amount.
%he conforming loan limits set by Fannie 1ae and Freddie 1ac vary by countyB some
states and counties have a higher conforming limit than others due to the cost of
housing. 8n most housing markets, the conforming limit is K4";,---
Jumbo loans are considered to be higher risk than a traditional mortgage because
you are borrowing a larger-than-average amount of money.
%his is one reason interest rates for (umbo loans are usually higher than conforming
loans. &lso, the approval process for a (umbo loan is generally more rigorous and
there are more stringent credit, income and reserves re3uirements.
1ore about (umbo home loans at loan*epot
FHA Home Loans
8nsured by the Federal +ousing &dministration >F+&?, F+& home loans are
government-assisted alternatives to conventional 'nancing.
F+& loans were originally ofered by lenders to 'rst-time home buyers with
imperfect credit. Low, F+& loans are open to a wider audience, and are even
popular options for homeowners looking to re'nance.
$verall, F+& mortgage loans provide more 7exibility in credit, income, and
e3uity/down payment re3uirements, and are great alternatives to conventional
loans.
%hey do include a 1ortgage 8nsurance Mremium >18M?, as well as monthly mortgage
insurance, but a 'xed rate F+& loan enables many homeowners who wouldnEt
3ualify for conventional 'nancing to purchase or re'nance a home.
1ore about F+& home loans at loan*epot
3A Home Loans
%he I& loan program is available to individuals who have served or are presently
serving in the :.!. military for re'nancing or buying a primary residence.
%he *epartment of Ieterans &fairs >I&? does not lend money for I& loans, but it
backs loans made by private lenders >banks, savings and loans, or mortgage
companies?.
%his essentially means that the Ieterans &dministration stands as the insurer for all
their loan programs and packagesB they guarantee a portion of the loan to the
lender if anything goes awry >missed payments, defaults, etc.?. %his gives lenders a
sense of security during the approval process.
%hose who are eligible for a I& loan include# Ieterans, &ctive-duty personnel,
Lational Guard/0eserve members and some surviving spouses.
%hough I& loans do not re3uire any pre-existing e3uity or income documentation,
you must have an ade3uate credit rating, su<cient income, and a valid 2erti'cate
of Fligibility. & I& loan can only be used to purchase a home for your own personal
occupancy.
1ore about I& home loans at loan*epot
Mortgage Loan "a!cu!ators
@ou can crunch your own numbers with online mortgage calculators and run as
many diferent scenarios as you'd like for home purchase, re'nance, mortgage
3ualifying, rent vs. buy, &01 vs. 'xed rate.
$nline mortgage calculators at loan*epot
Mortgage 4nterest Rates
1ost of the popular home loan rates are available online for you to compare. @ou
can also personaliDe your mortgage rate search by adding speci'c parameters.
2urrent mortgage rates at loan*epot
"ha#ter - % Questions to As( a Mortgage Lender
@ou may have heard the old saying N@ou wonEt know if you donEt askO. %his is
especially true when shopping for a mortgage to 'nance what may be the home of
your dreams. $btaining a mortgage is one of the single most important and largest
'nancial decisions you may make in your life. Cefore choosing a mortgage lender or
broker and determining which loan works best for you, be certain you have the
information you need to make an informed decision.
Cefore applying for your home loan, ask a lender or mortgage broker these key
3uestions that will help you select the lender thatEs right for you and help you
gather the information you need to know before starting the mortgage application
process.
". +ow long does the loan process take
%he average loan process for a home purchase depends on the loan and lender. %he
process from application to funding generally takes between ,- and 4. days.
). +ow much will obtaining a loan cost me &re those Nout-of-pocketO costs or can 8
'nance them into the loan amount
1ortgages come with fees to cover a range of services related to the process of
funding your mortgage. Fees vary from lender to lender so be sure to ask up front
which fees to expect, and which fees can be negotiated. 6enders are re3uired to
provide a written good-faith estimate of closing costs within three days of receiving
a loan application.
,. +ow do 8 3ualify for a loan 9hen will 8 know if 8 3ualify
%he determining factors in the 3uali'cation process are typically your credit score
and history, your property value, and your debt-to-income ratio. $ther factors may
be included in the consideration process, but these three are the primary factors
lenders consider when evaluating a potential borrowerEs credit worthiness.
8n general, these factors determine the perceived level of risk associated with your
ability to responsibly manage a loan, and determine your loan decision as well as
your interest rate, in some cases. Fvery lender is diferent, so make sure you ask
these important 3uestions.
4. 9hat kind of documentation must 8 provide to get approved for a mortgage loan
1ost lenders will re3uire proof of income and assets before approving your loan.
6enders will be able to provide you with their speci'c re3uirements.
.. *o 8 need an appraisal on the property 8 am hoping to buy or re'nance 9hat
happens if the appraised value isnEt what 8 think it is
!ometimes lenders do not need to obtain an appraisal, other times they re3uire a
full appraisal, and there are levels in between the two. &ppraisal needs are
generally determined based on speci'c loan programs versus being credit/income
driven. %his determination is typically made after reviewing your application and the
selection of a loan program that best meets your needs.
5. 2an 8 re'nance my mortgage if 8 donEt have e3uity in my home
1ost lenders re3uire a homeowner to have at least )- percent e3uity in a home
before theyEll approve a re'nance. +owever, it is possible to re'nance your
mortgage if you donEt have e3uity in your home, or even have negative e3uity. %he
federal government has implemented the +ome &fordable 0e'nance Mrogram
>+&0M? to assist homeowners who may not have su<cient e3uity in their home to
3ualify for traditional re'nancing.
;. 9hatEs my rate %he advertisement said P
0egardless of where you see the ads for ultra-low mortgage rates, some companies
donEt disclose the true terms of the deal as the law re3uires. 1ake sure you ask your
loan o<cer, broker or mortgage banker what the &nnual Mercentage 0ate is for the
loan you are applying for, what your monthly payment will be, and how long the low
interest rate will last.
H. 9hatEs the best loan for me 9hat are my options
@our lender should be able to answer this 3uestion easily once you provide pertinent
information, such as# employment history and veri'cation, income, assets, credit
score, debt, monthly expenses, down payment amount, etc. 8tEs also important to
discuss your short-term and long-term ob(ectives so you better understand your
options and what will be the best loan program for you.
Q. 9ho can 8 talk to throughout the process when 8 have 3uestions
%he mortgage loan process may seem a little overwhelmingB there are a lot of
people involved, including your real estate agent, the mortgage broker/lender,
escrow o<cer, title company, and real estate attorney. Cecause there are so many
diferent people with diferent roles involved in the process, itEs a good idea to 'nd
out if there is one point of contact for you if you have 3uestions, or obtain a list of
people/roles and their contact information.
0esources Mrovided by loan*epot 1ortgage R 0e'nance +ome 6oans