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Navigating your way through the foreign terminology associated with the loan application process
Buying a home could be the most inspiring, confounding and stressful financial transaction you ever undertake. Even if you have done it several times you can still find the process intimidating and complicated, particularly when it comes to getting a mortgage loan. Countless loan documents, peculiar terminology and ambiguity serve to deflate the joy of buying a new home. As soon as the sales agreement is ratified, gaining the financing for the purchase becomes pre-eminent for all but a very few home buyers. If you accept and follow the steps required to qualify for a mortgage, however, much of the stress can be avoided. The following explanation of the loan application interview process is intended to help you through the complexities of securing financing.
The Loan Application Interview
Once you have tabbed a mortgage broker, the next step will most likely be a consultation with a loan officer or other lender representative, whose task is to begin the collection of information the lender requires to approve the mortgage. They will point out the types of mortgage loans available to you, the interest rates and fees for each type and the qualification requirements. During the meeting, the loan officer will fill out, or assist you in filling out, the loan application form.
By this time you should have a good idea of the general interest rates and fees being charged in the area. The total cost of a mortgage loan consists of the interest rate on the loan, origination fees, discount points, and miscellaneous other charges. The interest rate affects the amount of the monthly payment, while points affect the amount of cash you must have at closing. Most lenders will offer a range of interest rate/point combinations to meet the borrower needs. In general, the higher the interest rate, the lower the points. For example, if the current market provides for an 8.5 percent interest rate with 2 points, a nine percent rate may be offered at no points. If you are a corporate transferee, however, your company's relocation policy may pay all or part of origination costs and the lower rate will have more appeal. The loan officer is prepared to explain all of the mortgage information (http://www.theearlofrealestate.net/mortgage.aspx) and your options to you when buying a home (http://www.theearlofrealestate.net/sitemap.aspx).
Robert Earl - Founder of The Earl of Real Estate Team is a Real Estate Entrepreneur & Real Estate Coach serving the Northern Virginia Real Estate (http://www.theearlofrealestate.net) Market. The Earl of Real Estate Team specializes in Reston VA Real Estate, Condos, Townhomes & Homes for Sale (http://www.theearlofrealestate.net/Reston.aspx)
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