First-time mortgage applicants find the mortgage approval procedure complicating and confusing. If you’re in this category, this article has been written to simplify the process for you and ensure you get a better understanding of the processes. Howbeit, the process may vary from a San Diego Mortgage Broker/lender to the other. However, there are some general processes to be passed through despite the mortgage broker. They are:
This is the first process to be taken by a borrower. An application is the written document stating the amount needed and attached document required for submission. San Diego, CA can be seen here.
This is the first process involved in mortgaging process. In an attempt to approve a loan for the borrower, the lender asks for some specific financial information. This will pre-qualify the borrower for the loan applied for. This is based on two factors: the ability to repay the loan, and willingness to repay the loan. Click here to read about How to Select the Best San Diego Mortgage Broker.
Evaluation of Mortgage Programs and Rates:
This is done by the borrower and it involves analyzing different mortgage programs provided by the San Diego Mortgage Broker and evaluating them to select the feasible ones. The borrower receives Loan Estimate (LE) within three days of application submission and it entails various plans and total costs to be paid.
These are the preliminary steps involved in the mortgaging processes. Other steps will be discussed in subsequent articles.
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