The Mortgage Loan Process and Roles of Various Parties Involved

Most would-be homeowners dread the cumbersome mortgage loan process that is necessary for realizing their dream of buying a home. But, the mortgage loan process doesn’t necessarily need to be difficult. As soon as you fill AWM Lending’s short mortgage application form, our Loan Originator will work closely with you till the time of closing of your loan. 

Here is a summary of the loan process to give you an idea of what to expect.

Borrower

•Fill out the short mortgage application (unless your agent advice you to fill the complete form)

•Contact Loan Originator

•Initial documentation (bank statements, pay stubs, tax returns etc.)

•Homeowner’s insurance

•Signing of final loan documents given by the Closing Agent

•Provide mortgage closing funds

Mortgage Loan Originator

•Informs about various mortgage options to the borrower

•Quotes interest rates and fees corresponding to the mortgage options

•Assists in completing the application forms

•Requests for documents necessary to complete the formalities

•Providies estimates of loans and other disclosures to the borrower

•Orders appraisals

•Locks in interest rates

Underwriter

•An underwriter’s primary role is to review the documents submitted by the borrower and establish his/her credit worthiness

•Issuing final loan decision

Processor

•A processor confirms the terms and conditions of the loan with the borrower

•Collects all the additional documents

•Re-submits the file after collecting all the additional documents to the underwriter for approval

Appraisal Reviewer

•Reviews the value of the property for appraisal

•Issues the appraisals to the borrower

Closer

•Prepares closing document package

•Sends the package to the closing agent

•Wires loan funds

Closing Agent

•Schedules the closing of mortgage

•Informs the borrower about the funds that are required for closing the loan

•Informs and presents the borrower with the final documents that need to be signed for closing

•Witnesses the sign of the borrower on all necessary documents

Mistakes That Can Get Your Mortgage Application Rejected Infographic

Buying a home is a really exciting process, but a rejected mortgage application can crush all your hopes and dreams of having a house of your own. In order to secure a mortgage, it is imperative that the first step of the process remains error free. So, here are a few mistakes that can derail your mortgage application:

Once you get all the paperwork in order, fill up All Western Mortgage’s online mortgage application here. And if you have any questions regarding the process or are in need of guidance, our expert mortgage professionals are always there to help you. 

Feel free to give us a call at 702-850-2790 any time you want and we will help you with all your problems.

Factors That Can Affect Your Mortgage Application Infographic

There are uncountable numbers of factors that can affect your mortgage application in a negative manner and get your loan cancelled. When it comes to handing down mortgage loans, lenders have a few basic requirements. They want an applicant who is credit worthy and can pay back the loan on time. Therefore, you need to be such an applicant so that your loan doesn’t get declined.

Here are some factors, whose negative portrayal can damage your chances of getting approved when you apply for a mortgage:

All Western Mortgage, one of the best online mortgage lenders in USA, offers home loans at extremely affordable rates and very flexible terms. You can fill an online mortgage application with us now at https://secure-1003.com/awmlending.com/login.php

Factors That Can Affect Your Mortgage Application

There are uncountable numbers of factors that can affect your mortgage application in a negative manner and get your loan cancelled. When it comes to handing down mortgage loans, lenders have a few basic requirements. They want an applicant who is credit worthy and can pay back the loan on time. Therefore, you need to be such an applicant so that your loan doesn’t get declined.

Here are some factors, whose negative portrayal can damage your chances of getting approved when you apply for a mortgage:

Employment: An inconsistent employment history portrays that you are not stable in your career and raises questions on your ability to pay back the loan. Most lenders would require that you showcase that you have been with your current employer for more than two years. Also, once you apply for a loan, it is not advisable to change jobs/careers before its closing.

Credit: A good credit score plays the most important part in getting your mortgage approved. If you have a credit score of 720 or above, there is no chance in hell that any lender would deny you for a loan. Most lenders will also consider you if you have a credit score between 600 and 720, but anything below 600 can lead to outright rejection from most lenders.

Down payment: If you have saved up a hefty sum for your down payment along with fulfilling the above mentioned criteria, you will hardly face any problem in getting your loan sanctioned. The good news is that you no longer need to put 20% of the price of the home to qualify for a mortgage. But, if you pay anything less than 20%, you’ll have to pay additional premiums for a Private Mortgage Insurance (PMI) that will be folded into your monthly payments.

All Western Mortgage, one of the best online mortgage lenders in USA, offers home loans at extremely affordable rates and very flexible terms. You can fill an online mortgage application with us now at https://secure-1003.com/awmlending.com/login.php

Mistakes That Can Get Your Mortgage Application Rejected

Buying a home is a really exciting process, but a rejected mortgage application can crush all your hopes and dreams of having a house of your own. In order to secure a mortgage, it is imperative that the first step of the process remains error free. So, here are a few mistakes that can derail your mortgage application:

 1. Lying about your financial condition: Your credit history gets thoroughly scrutinized before a lender approves you for a mortgage loan. Therefore, withholding information or lying about your financial condition is a big NO. Even if you have a default on your credit report, talk to your lender about it and explain him the circumstances. In most of the cases, lenders will approve your loan if you tell them upfront about a problem.

  2. Not disclosing all your expenses: Before you apply for a loan, make sure that you disclose all your expenses to the lender. Failing to mention about that extra credit card or children’s school tuition fee might lead to the rejection of your loan on the grounds of non-disclosure.

 3. Inconsistent Employment: Lenders prefer working with those borrowers who have been working with the same company for over a year or with the ones who have been in the same line of work for a minimum of two years. If you are planning to change careers and buy a property at the same time, consider putting one of those two things off for the time being. 

 4. Not accounting for closing costs: Apart from the down payment, there are various other upfront costs involved while purchasing a home. These costs include, but are not limited to, mortgage insurance, stamp duty, application fees, origination fees, solicitor fees and inspection fees. Prepare for all these costs beforehand as you won’t want to find out on the day of closing that you’re $20,000 short.

Once you get all the paperwork in order, fill up All Western Mortgage’s online mortgage application here. And if you have any questions regarding the process or are in need of guidance, our expert mortgage professionals are always there to help you. 

Feel free to give us a call at 702-850-2790 any time you want and we will help you with all your problems.