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Home Mortgage Application Process
Loan & Credit FactsApplying for a home mortgage is a time-consuming task that takes considerable preparation. However, you can make the process run quite smoothly if you take some time to plan ahead. Having your information organized and ready to go is a great first step.
Choosing a lender was a very important step and using the lender’s requirements as a guideline is a sound approach that ensures that everything will be in order. Each lending institution has its own requirements. Most are standard forms, proof of income and credit reports. However, it is best to double check with your lender to assure that you have all of the required information ready to go.
Basic Requirements
The lender will need to know how much money you must borrow to purchase the property. This figure should not exceed the value of the home. The lender will typically want to see a copy of an appraisal of the property to ensure that the loan does not exceed the home’s actual value.
Borrowing more than the property is worth is not a viable option for most homebuyers. The house itself is typically used a collateral. When the amount of the loan is greater than the value of the home lenders have little leverage when it comes to assuring that the debt will be paid in a timely manner.
Your down payment is another very important piece of information. Some home mortgage lenders will have a certain percentage required as a down payment while others may offer special “zero-down” loans. Your initial investment on the property is a crucial factor in the amount of your total loan.
Credit
Your credit report is another necessity in the home mortgage application process. The debt repayment history is used as a gauge to determine how well you will pay back your home loan. Some banks are quite stringent about their requirements while others are willing to take a chance.
The lending institution’s willingness to work with less than perfect debtors often depends on a few factors. If you were never late on larger, more important bills like your car and insurance payments the lender may give you more leeway. The lender will also want to know whether or not you managed to stay current on your rent in spite of financial problems.
The Application
You have gathered your proof of income. You have a down payment plan and your credit is in order. The appraisal is in hand and you are ready to fill out the home mortgage application. Your lending institution will work with you in completing the form as well as establishing what other requirements you may need to meet in the process.
Mortgage Rates Specific links
Mortgage Rates News
30-year mortgage rate hits another record low - CNNMoney
 OregonLive.com | 30-year mortgage rate hits another record low CNNMoney By Les Christie and Jessica Dickler @CNNMoney May 24, 2012: 12:00 PM ET NEW YORK (CNNMoney) -- Buying a home got even cheaper this week as interest rates on the 30-year fixed-rate mortgage set a record low for the fourth week in a row. Mortgage Rates for 30-Year US Loans Fall to a Record-Low 3.78% Freddie Mac: 30-year mortgage rate down a tick at 3.78% US 30-Year Mortgage Rate Falls to Record 3.78 Pct. |
Bankrate: Mortgage Rates Hold at Record Lows - MarketWatch (press release)
 e-wisdom.com | Bankrate: Mortgage Rates Hold at Record Lows MarketWatch (press release) NEW YORK, May 24, 2012 /PRNewswire via COMTEX/ -- Mortgage rates were little changed, remaining at record low levels. The average rate on the benchmark 30-year fixed mortgage rate was unchanged at the record low of 3.97 percent according to ... Mortgage rates drop to new record lows, mortgage activity jumps Mortgage Rates Remain at Record Lows Mortgage Rates Today: Wells Fargo, PNC Bank and KeyBank Refinance Rates for ... |
US mortgage rates for past 52 weeks at a glance - San Francisco Chronicle
US mortgage rates for past 52 weeks at a glance San Francisco Chronicle (05-24) 09:23 PDT , (AP) -- The average US rate for the 30-year fixed mortgage fell to a record low for a fourth straight week. Cheap mortgages have helped boost home sales modestly this year. Here's a look at rates for fixed- and adjustable-rate ... |
HSH.com Weekly Mortgage Rates Radar: Fixed Mortgage Rates at New Record Low Again - San Francisco Chronicle (press release)
 Christian Science Monitor | HSH.com Weekly Mortgage Rates Radar: Fixed Mortgage Rates at New Record Low Again San Francisco Chronicle (press release) HSH.com releases its latest Weekly Mortgage Rates Radar showing a downward drift in fixed mortgage rates from the previous week. The Weekly Mortgage Rates Radar reports the average rates and points offered by lenders for the two most popular types of ... Mortgage rates slide to record lows Time to Refinance While Mortgage Rates are So Low Zillow: US 30-Year-Mortgage Rates Rose Slightly In Latest Week |
Another week, another record low for mortgage rates - Bizjournals.com
 C-SPAN | Another week, another record low for mortgage rates Bizjournals.com Average mortgage rates hit another record low this week, dropping to 3.78 percent for a 30-year fixed loan. The average rate on a 30-year fixed-rate mortgage fell slightly to another new record low this week, according to Freddie Mac's (OTC BB: FMCC) ... Homeowner Refinance Bill Moves into Committee |